Peru’s Copeinca to List Locally

Copeinca, Peru’s second largest fishmeal processor, is expected obtain approval for a local listing in Peru as early as today, Eduardo Castro Mendivil, CFO, tells LatinFinance. “Local investors are more stable than EM investors and the multiples in the local market have been very good thanks to ample liquidity,” says Castro, whose company has been listed on the Norwegian exchange since January of 2007. “We want to take advantage of that,” he adds. If confirmed Copeinca’s depository receipt would be the first for the fishmeal sector in Peru. The listing will not involve any new capital raising initially, but could open the door for a local market tap in the future, says the CFO. Other companies including Telefonica, Credicorp and Buenaventura have sought local depository receipt listings. No banks are assisting Copeinca in the process. Copeinca commands roughly 10.5% of the local fishmeal market.