Multiexport goes for the Stock Market
Last week the stock classifier Fitch Ratings assigned Salmones Multiexport as First Class, Level 4 on the Santiago Stock Exchange (Bolsa Comercio Santiago). The company set its sights on reaching this point since 2005, with a US$ 350 million investment plan until 2010. According to the newspaper Estrategia, entering the stock market is one way Multiexport plans to finance the remaining years of the investment plan. Strong investments have been made in the processing plant to increase production capacity to 6,000 tons per month, and in recirculation technology for its existing hatcheries. Over US$ 61 million is proposed for the construction of a new hatchery and for further improvements in the processing plant. As for production and sales, this year Multiexport expects to produce 53,000 tons, a 24.3% increase from last year, and plans to sell US$ 260 million versus US$177 million last year. The company intends to reach 100,000 tons by 2010, to satisfy customer demand in the U.S., Japan, Brazil and the European Union; and to grow in new markets such as Russia, China, Korea and Singapore. The company owners, José Ramón Gutiérrez, Alberto del Pedregal, Martín Borda and Carlos Pucchi will place approximately 20% of their shares on the stock exchange.
