China Fishery Shops in Peru

Hong Kong-based China Fishery Group is buying Dorbes Holding, the parent company of Peru-based fishery Pesquera Alejandria, for $95m in cash. The sellers are Silkfield International, Orbel Business and Harleston Technologies. With the acquisition, China Fishery claims it will become Peru’s sixth largest fishmeal company, increasing its fishing quota allocation in northern Peru to 6.05% from 5.08%, and in the south to 10.91% from 7.87%. Citi advised Alejandria, according to a Peru-based corporate lawyer familiar with the deal. He adds that it is likely the Chinese buyer did not use an advisor. The buyer says it hired Peruvian surveyor JRZ Ajustadores y Peritos de Seguros to conduct a valuation of the target. The deal is expected to be completed May 24. China Fishery trades in Singapore, while the sellers are incorporated in Panama.