Pingtan Marine Enterprise Ltd PME opened Wednesday trading up almost 21 percent following the announcement of an agreement with the China Agriculture Industry Development Fund.
By February 13, a deal is expected to be finalized, with the Fund investing an equivalent of $64 million for an 8 percent stake in Pingtan Marine.
Pingtan is an ocean fishing business that operates 126 vessels while China Agriculture Industry Development Fund is a state-owned fund.
Regarding the deal, the purchase would price the company at $800 million in terms of current foreign exchange rates, almost four times Pingtan's current market cap.
As of Wednesday afternoon, Pingtan is trading down 0.67 percent.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.