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 .”
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Press Release, October 26, 2012