Pingtan Marine Enterprise Ltd. an integrated marine services company providing territorial sea fishing and dredging services in the People’s Republic of China (PRC), today announced that the Company recently expanded its fleet through the signing of a “Master Agreement” to purchase 46 fishing trawlers in a transaction totaling approximately $410.1 million.
After a thorough third-party appraisal process, the Master Agreement was signed between Pingtan and Fuzhou Honglong Ocean Fishery Co., Ltd., or “Hong Long,” a company owned by Pingtan’s Chairman and CEO, Mr. Xinrong Zhou, for a combination of cash, debt, and relief of prior debt obligations from Hong Long.
The transaction is subject to the receipt of government approvals; however Pingtan began operating the vessels upon the signing of this agreement. The Company immediately began reporting operating results from this transaction for a short period in the current second quarter, with a full quarter beginning in the third quarter of 2013.
[mappress]
Pingtan, June 20, 2012