China Fishery Group Ltd., a unit of Pacific Andes Resources Development Ltd.,  has increased its offer for Peruvian fishmeal and oil producer, Copeinca ASA ,  to approximately $790 million. 

Mr NG Joo Siang, China Fishery Group Managing Director, said, “We are very pleased to be in such a strong position in launching this New Offer for Copeinca. It is our belief that this acquisition would offer an immense potential in creating shareholder value and represents a significant milestone towards the Group’s strategic objective of increasing and securing access to fishery resources around the world.”

“This acquisition is envisioned to be transformational, elevating China Fishery to become Peru’s largest producer, as well as among the world’s largest producers, of fishmeal and fish oil,” Mr Ng concluded.

Cermaq ASA, which had also been bidding for Copeinca, said it  welcomed the voluntary offer for all the shares in Copeinca from China Fishery Group and has entered into a pre acceptance agreement for all shares owned by Cermaq ASA.