$18.5m bid made for MPA

Broome Advertiser - - NEWS - Jenne Bram­mer

A Sin­ga­pore-based fish­eries com­pany has made an $18.5 mil­lion takeover bid for Ma­rine Pro­duce Aus­tralia, op­er­a­tor of the Cone Bay Ocean Bar­ra­mundi farm near Broome.

MPA said it had struck a deal with Bar­ra­mundi Asia for a cash of­fer at 50¢ a share, avail­able to all share­hold­ers in the non-listed com­pany. Un­der the agree­ment, Bar­ra­mundi Asia would ac­quire at least 70 per cent and up to 100 per cent of the shares.

The of­fer val­ues the com­pany at about $18.5 mil­lion and fol­lows MPA en­gag­ing in what it de­scribed as a com­pet­i­tive sale process.

It is un­der­stood MPA has about 300 share­hold­ers. The com­pany delisted from the Aus­tralian Se­cu­ri­ties Ex­change in 2010, blam­ing a lack of liq­uid­ity and value in the stock. MPA started as a small farm-fo­cused oper­a­tion, ma­tur­ing into a busi­ness that in­cor­po­rates the full fish farm­ing process from brood stock through to sales.

It has in­vested about $100 mil­lion in Cone Bay over a decade.

The De­siree Allen-led com­pany was re­cently granted an in­crease in its pro­duc­tion li­cence to 15,000 tonnes per an­num.

Bar­ra­mundi Asia was founded in 2008 and op­er­ates the big­gest fish farm in Sin­ga­pore by biomass.

MPA said share­hold­ers need not take ac­tion un­til the of­fer was re­ceived.

Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.