Pingtan Marine Enterprise Ltd (NASDAQ: PME)
What’s Fishing At PME?
On Tuesday, PME announced that the company has begun development of a new processing factory in Pingtan Comprehensive Experimental Area, Fulian, PRC. The new facility will be developed to serve as PME’s primary storage, processing, and distribution base.
PME, a global fishing company based in the People’s Republic of China, indicated that the processing factory will be located on a site of 40,000 square meters, and that the annual storage capacity is expected to be 500,000 tons. Additional facilities to be constructed will include one 50,000 tonnage cold storage, a complete set of intensive processing workshop and associated primary processing and packaging workshops as well as one warehouse, covering an overall floorage of 81,654 square meters. The finished facilities will be ultimately used for cold storage, processing and distribution of the deep ocean fish landings of Pingtan’s vessels. The processing factory is expected to begin service upon completion of construction in 2018.In light of a greater emphasis on food safety in recent years, the Company believes that there is a significant demand among the Chinese population for natural ocean products harvested and processed directly by pelagic fishing company.
PME’sChairman and CEO, Mr. Xinrong Zhou, commented, “We are very pleased to announce that after two years of preparation, GDOF is moving forward with the construction of the fish processing factory, which marks our first step into the consumer food processing market. We intend to address the growing demand for deep-ocean fish products in the China domestic market while also enhancing the deployment of new fishing fields and new vessels. Pingtan has begun to focus on participating in the supply chain by integrating both the harvesting and processing of ocean products and the expansion of not only our presence and market share in mainland China but also the business reputation of Pingtan as a brand. Through GDOF, we aim to complete construction and begin operations of the processing factory as scheduled. We believe the facilities will contribute to the further development of Pingtan’s business operations.”
With China being a significant market, and as a country that often takes care of its own companies first, PME may be an attractive stock to keep an eye on. However, as with many emerging PRC companies, be sure to read the SEC filings and stay current with breaking news and political rhetoric.
As always, CNA Finance will keep followers apprised of any additional breaking news for PME.
Never Miss The News Again
Do you want real-time, actionable news delivered to your inbox? Join the CNA Finance mailing list below!
[Image Courtesy of Wikimedia]