Salmones Multiexport salmon processing plant. (Photo: Multiexport Foods)

Mistui enters Salmones Multiexport property

Japanese company Mitsui & Co. (Mitsui), through its subsidiary Mit-Salmon Chile, has entered the property of Salmones Multiexport (Salmex), salmon subsidiary of Multiexport Foods.

This addition was made through a capital increase of USD 100.7 million, via the issuing of 3,195,712,778 ordinary shares of Salmex, which were fully subscribed and paid by Mitsui.

"Mitsui partially paid in cash an amount of USD 80 million, and partly through control contribution of all Multiexport Pacific Farms shares, owned by its subsidiary Mitsui & Co.," explained Multiexport Foods on an essential fact sent to the Superintendence of Securities and Insurance (SVS).

As a result, Multiexport Foods now owns a 76.62 per cent of its subsidiary Salmex and Mitsui has a 23.37 per cent stake in the company.

The capital contribution was materialized after having complied with the provisions of the Investment Agreement signed with Mitsui on 1 October 2015, in which the terms and conditions of the transaction were established.

The proceeds will be used to improve the financial position of Salmex, finance capital investments and company’s working capital.

"The addition of Mitsui to Salmones Multiexport represents a favourable opportunity to promote productive and commercial leadership of Chilean salmon and exploit all opportunities in foreign markets," said Multiexport Foods CEO, Jose Ramon Gutierrez.

Multiexport and Mitsui group have a 20-year relationship, mainly marketing Chilean salmon in Japan. In 2013, Multiexport and Mitsui decided to initiate a joint venture, through the subsidiary Pacific Multiexport Farms S.A., for the production and marketing of coho salmon and trout mainly for the Asian market, including Japan.

Related articles:

- Multiexport provides details on investment agreement with Mitsui
- Mitsui to invest USD 100.7m in stake of Multiexport's subsidiary 

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