China Dredging Group: Merger Agreement Approved
China Dredging Group today announced that the respective shareholders of China Dredging Group and China Growth Equity Investment have approved the merger agreement between the parties and the previously announced business combination between the three companies has been completed.
The combined entity is named “Pingtan Marine Enterprise Ltd.”
China Dredging Group, one of the leading independent (not state-owned) providers of dredging services in the PRC, announced this through its PRC operating subsidiary Fujian Xing Gang Port Service Co., Ltd., Merchant Supreme, through its PRC operating subsidiary Fujian Provincial Pingtan County Ocean Fishing Group Co., Ltd., a growing fishing company and provider of quality seafood in the PRC and China Growth Equity Investment, a special purpose acquisition company (SPAC).
“As a result of this business combination, Pingtan Marine Enterprise is well positioned to execute on its long-term growth strategy and utilize a public currency to support continued growth,” said Xinrong Zhuo, Pingtan Marine Enterprise’s new Chief Executive Officer, who previously served as Chairman and Chief Executive Officer of China Dredging Group and Pingtan Fishing.
“We are delighted that the formation of Pingtan Marine Enterprise will enable Pingtan Fishing to continue its dramatic growth by expanding its fleet funded by the steady cash flow of one of China’s largest independent dredging businesses,” said Xuesong Song, Pingtan Marine Enterprise’s Director, who previously served as Chairman and Chief Financial Officer of China Growth Equity Investment.
Press Release, February 26, 2013