Benchmark receives final joint venture dissolution payment in Chile
Benchmark Holdings
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16:35 24/04/24
Aquaculture health, nutrition and genetics company Benchmark Holdings announced on Monday that it will receive $8.75m from AquaChile, representing the second and final payment under the joint venture dissolution agreement.
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The AIM-traded firm said payment was due within five days of signing.
As part of this agreement, the company said it had completed the transfer of ownership of the Ensenada facility, which gave Benchmark control of the salmon breeding operation previously belonging to the joint venture.
It added that it had received the intellectual property rights, genetics stock and biomass in the joint venture.
“The Ensenada facility is a highly bio-secure hatchery situated in the ‘Los Lagos’ region in Chile, with good access to spring water required for the production of high-quality eyed eggs suitable for the Chilean industry,” the board said in its statement.
“The Ensenada facility is being adapted to be suitable for maturation of broodstock, spawning and fertilisation of eggs, and it is expected that the first eggs from the new facility will be available in the first half of 2021.”
Chile is the world's second largest salmon producing country, Benchmark said, adding that it was an important market in its long term strategy.
“We remain focused on achieving full scale production at this biosecure, land based facility.”
As at 1246 GMT, shares in Benchmark Holdings were down 3.07% at 47.01p.