When Sino Agro Food listed in Oslo they attracted with with a shrimp production that would be super profitable. It is, but the company now only owns crumbles of it.
- We have been robbed on the seafood company, including the shrimp production.
Finansavisen wrote on Tuesday that the billionere had reported Sino Agro Food to Oslo Börs, Finanstillsynet and SEC. The Fredly claims that the comapny has broken a number of stock exchange rules. But he is mainly pisse of over that the investors has lost the ownership of the shrimp company Tri-way.
- Triway reported to have made $23 million after three quarters, which is equivalent to $30 million for the whole year of 2017. The expected result for 2018 is $50 million, I've heard says Fredly.
But just a small part of the surplus falls to the Sino Agro Food stock holders.
Hiding the owners
Sino Agro Food has in fact separated the company from the Group so that they now only own 36,6%. Half of this owners ship was flagged to be distributed to the stockholders, but that has not happened. In the meantime the stockholders are being diluted as the shareprice falls and the company must steadly give out new Sino Agro shares as security to the lenders.
That Tri-way would be separated from Sino Agro has been addressed from day one, but most investors assumed that it was the Sino Agro stockholders who would benefit from it. Sino Agro has no information of who owns the rest of the 63,4% of Tri-way.
- Sino Agro refuses to inform who is stockholder in Tri-way. I'm sitting on a prospect that Salomon Lie/Sino Agro Food has produced confidential to Development Bank of Singapore, where they say that they own more then half of the 63,4%, says Fredly.
Only 36,6%
A Stock Exchange Notification of the separation of Tri-way was announced 1 Mars 2017. It was informed that the company had a value of $340,6 million which includes the value of the 4 seafood farms that Sino Agro was just part owners .
Sino Agros part of the separated Tri-way was settled to be $124,7 million, representing 36,6%, which would give an accounting gain of $53,5 dollar.
Even though Sino Agro elaborately explained how the gain of $53,5 million was reflected in the income statement, none of the following quarters showed any trace of such gain.
The rest of 63,4% belongs to the former part owners of the farms.
"The interest in Tri-way is a proportion of Sino Agro ownership in the underuing value of the seafood farms that was transferred" says IR-representative Peter Grossman in an Email to Finansavisen.
"Megafarm"
During the winter two years ago there was no doubt that that it was the shrimp farm development that attracted the Norwegian investors to Sino Agro in connection with the exchange introduction at Merkur Market in Oslo.
"According to the scientific director Andrew Ostronowski, Sino Agro Food has a technology that can produce 114 times more shrimp per area unit that hat is produced traditionally in outdoor farms", Intrafish wrote.
"The biggest project of the company is the Mega Farm of shrimp a vegetables in the Guangdong province in South China, the goal is to build a gigantic indoor production plant that could produce up to 300.000 tones of shrimp a year in 15 to 25 years.", says Finansavisen and:
"The enormous shrimpfarm has an estimated price tag of $2 billion fully built out, and should deliver more shrimps then Vietnam all together."
"Enormous volumes"
Swedbank assisted Sino Agro with the listing on Merkur Market.
"The company has not said anything about when the seafood part will be divided, or commented about any potential future capital needs. But yes, they have invested allot, and has to think about how to improve the cash flow over time" said Marius Gaard before he continued:
"At full production we are talking about 300.000 metric tones, but 200.000 tones is probably more realistic within a ten year period. Compare with Marine harvest who produces 230.000 tones salmon in Norway, so we are talking about large volumes"
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