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Chinese shrimp specialist Zhanjiang Guolian Fisheries Products announced that it has terminated its memorandum of understanding with Saudi Arabia’s sovereign wealth fund.
Last summer, Guolian announced a US$560 million (€515 million) partnership with Saudi Arabia’s Public Investment Fund (PIF), giving it access to various credit facilities. PIF, which acquired a 42% stake in the state-run main supplier National Aquaculture Group (NAQUA) in June 2023, is flush with cash from Saudi oil sales as prices rise due to Russia’s invasion of Ukraine.
Mr. UN announced the layoffs in a memo to investors, saying the two sides were unable to agree on terms.
“After the signing of the agreement, the two parties have actively communicated on follow-up cooperation, but so far, the two parties have not concluded a substantive formal agreement. Based on this, the parties have agreed to terminate the agreement through consultations,” the statement said on March 20, 2024.
On January 30, 2024, Guolian announced a loss forecast for 2023 of 360 million to 480 million yuan (50 million to 66.7 million USD, 46 million to 61.4 million euros), This increased from a loss of 7.6 million yuan (US$1.1 million, euro). Operating profit was reported to be 4.9 billion yuan to 5.3 billion yuan (680.6 million USD and 736.2 million euros, 626.7 million euros to 677.9 million euros), and 245 million yuan (34 million USD, 3,130 million euros). million euros). Sunnyvale Seafood Corporation, a U.S. subsidiary of Guolian, suffered an operating loss of approximately $70 million (US$9.7 million, €9 million) in 2023.
“In 2023, the seafood industry was affected by complex and volatile domestic and international macroeconomic conditions and changes in downstream consumer market demands,” the report said. “Market competition has become more intense due to the impact of the infectious disease, and market conditions for vannamei shrimp and crayfish continue to be sluggish, and product sales are decreasing.”
However, Guolian’s stock price recently rose after the company was rated as follows.
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