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Benchmark Closes AquaChile Joint Venture As Looks To Control Facility.

LONDON (Alliance News) - Benchmark Holdings PLC said Monday it had completed the dissolution of a joint venture with Empresas AquaChile SA, as it looks to take control of a salmon breeding facility owned by the venture.

In late May, Bencmark explained it would dissolve the joint venture and receive back its USD16.3 million original investment. This would be paid through an initial USD7.5 million payment ten days after completion of the dissolution and the remaining USD8.8 million six months later.

As part of the dissolution, Benchmark will receive all the intellectual property rights, genetic stock and biomass held by the joint venture.

"The dissolution has created an opportunity for Benchmark to take control of a land based salmon breeding facility belonging to the joint venture," Benchmark said in a statement. "The company is in the process of conducting due diligence on the facilities and it is expected that the transfer of ownership will take place in the coming weeks."

The joint venture was first announced in June 2018 to develop a Chilean breeding and genetics project.

Shares in Benchmark were 2.4% lower at 40.00 pence on Monday.

By Ahren Lester; ahrenlester@alliancenews.com

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Publication:Alliance Newswire
Date:Jun 10, 2019
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