A salmon company with interests abroad has decided to delay its stock market debut onto the Santiago Stock Exchange, due to the extreme volatility of both domestic and world markets.
Cultivos Marinos Chiloé has been producing salmon in the southern regions of Chile for over 20 years, and its products have a sizeable presence in both Japan and the United States. The company’s flotation, worth US$14 million, aims to fund a doubling of its salmon production capacity within five years.
The floatation had been scheduled to take place before 18 September, but this now seems unlikely. General manager, Richard Purcell, has said that the company’s board has decided that if the markets show the necessary stability, it may still put an offering up before the end of 2011, reported Economía y Negocios.
However, there’s a large window of opportunity. It was only two weeks ago that the Superintendencia de Valores y Seguros (SVS) gave the go-ahead for the company to issue 350 million shares, which still gives the firm three years to conduct its stock market entry.
