Pingtan Marine Enterprise Ltd. an integrated marine services company in the People’s Republic of China (PRC), today announced the closing of the previously announced sale of its 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.
As part of its diligence in evaluating the potential transaction, the Board received a fairness opinion from its independent financial advisor and investment banking firm, Duff and Phelps, LLC, and appraisal reports from BMI for the respective operating rights and licenses to conduct fishing services using the 20 new vessels.
The Company had previously announced on October 28, 2013 that its Board, excluding Chairman and CEO Mr. Xinrong Zhuo, and the Company’s Senior Officer, Mr. Bin Lin, would evaluate any potential alternative proposals received during a 30 day period.
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Press Release, December 4, 2013