June 27, 2013 / 9:34 AM / 4 years ago

China Fishery says to start arbitration against Veramar

SINGAPORE, June 27 (Reuters) - China Fishery Group Ltd said on Thursday it intends to start arbitration proceedings against Veramar Azul in Peru over the latter’s failure to transfer a call option that will let the Singapore-listed firm raise its stake in Copeinca ASA.

China Fishery said the arbitration against Veramar will not affect its takeover offer for Copeinca, which is Peru’s second-largest fishing company.

China Fishery said in a stock exchange filing it effectively controls 65.26 percent of Copeinca shares, not including the call option shares from Veramar.

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