Nueva Pescanova Group board approves €78 million reduction in share capital

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Abanca-owned Spanish fishing company and processor has consolidated losses of EUR 41 million

Yahoo writes (with a story by Spanish news agency EFE) that the general shareholders’ meeting of the Nueva Pescanova Group on Monday approved a reduction in the share capital of EUR 78 million (from EUR 147 million to EUR 69 million) to “restore the balance between the face value of the shares of the share and the net worth of the company”.

This is the first shareholder meeting held since Abanca took 80.46% of company when buying the shares of Sabadell and Caixabank.

The company processes salmon (and wild catch fish) but does not own any salmon farms, but it does run Vannamei shrimp, turbot and tilapia aquaculture operations. Last year, it launched a children’s salmon range for its 20-year-old Peskitos brand.

Turnover from 2019 amounted to EUR 1 billion, the same as last year.  EBITDA decreased from EUR 75 million in 2018 to EUR 50 million.

EFT wrote that because of the accumulated losses and negative reserves, debt volume is currently around EUR 138 million.

“After the capital reduction, shareholders will have the same percentage of securities that they currently hold, and the face value of each share will go from EUR one to 47 cents,” wrote the news agency.