Pingtan Marine Enterprise Ltd. an integrated marine services company in the People’s Republic of China (PRC), today announced that the independent members of the Company’s Board of Directors have agreed to sell Pingtan’s 100% owned dredging subsidiary, China Dredging Group and its PRC operating subsidiaries, Fujian Xing Gang Port Service Co., Ltd. business and operating assets to an affiliate of the Company’s Chairman, CEO and majority shareholder Mr. Xinrong Zhuo.
In addition to the fairness opinion on the proposed transaction from Duff and Phelps, LLC, the Board received appraisal reports from BMI Appraisals Limited for the respective operating rights and licenses to conduct fishing services of 20 new vessels which are included as part of transaction consideration.
The Board, excluding Chairman and CEO Mr. Xinrong Zhuo, and the Company’s Senior Officer, Mr. Bin Lin, unanimously approved moving forward with the transaction. During a period of 30 days from the date of this press release, the Board, excluding Mr. Zhuo and Mr. Lin, will evaluate other alternative proposals received.
The transaction is expected to close during the fourth quarter of 2013.
Press Release, October 28, 2013