China Growth Equity Investment Ltd., a special purpose acquisition company, China Dredging Group Co., Ltd. and Fujian Provincial Pingtan County Ocean Fishing Group Co., Ltd. yesterday announced that CGEI and CDGC have entered into a definitive merger agreement for CGEI to merge with CDGC and that CGEI and Pingtan Fishing have entered into a definitive agreement for CGEI to acquire Pingtan Fishing.
The parties expect the transactions to provide CDGC and Pingtan Fishing with necessary financial resources for the companies’ next stage of growth.
“CGEI’s combination with CDGC and Pingtan Fishing is the culmination of our search for a successful company with a proven track record of profitability and attractive growth prospects,” said Xuesong Song, China Growth’s board chairman. “We believe that CDGC’s highly profitable dredging business represents a unique opportunity as one of the largest dredging providers in China. Pingtan Fishing provides the combined company with a strong and fast growing platform in a fragmented industry.”
Added Mr. Zhuo, the Chairman of CDGC: “We are truly excited about the immediate positive impact of the capital this transaction will provide to help Pingtan Marine Enterprise execute on its long-term growth strategy with greater access to capital and a public currency to support additional future growth.”
Press Release, October 26, 2012