Joyvio Group, a wholly-owned subsidiary of Chinese conglomerate Legend Holdings, is purchasing a RMB 110 million (€140 million/$167 million) perpetual bond issued by Agri-Joyvio, which in turn owns Chilean salmon farmer Australis Seafoods, Chinese pollock producer Star Fish and KB Food International.
In October, Joyvio injected CNY 416 million (€53 million/$62 million) into Agri-Joyvio, purchasing a total of 40.2 million additional shares in the subsidiary and upping its stake from 30 to 46.1 percent.
The perpetual bond is issued with no maturity date and an interest rate of 6.3 percent per year, according to a stock exchange announcement. The agreement also has no fixed term unless otherwise agreed.
The debt investment reflects Joyvio's "long-term support for [Agri-Joyvio's] development," the company said.
In November 2019, Agri-Joyvio invested CNY 15 million (€1.9 million/$2.1 million) in the establishment of a seafood processing factory in Qingdao, in northeast China.
Legend Holdings holds a 81.72 percent stake in Joyvio. As of December 2019, Joyvio's total assets were RMB 24.5 billion (€3.1 billion/$3.7 billion). The company's net profit for the year was RMB 335 million (€42.9 million/$50.8 million).
Agri-Joyvio announced its $880 million (€743 million) offer for 100 percent of the shares in Chilean salmon producer Australis Seafoods in November 2018, an investment that was later adjusted to $921.6 million (€778 million).
The group also owns China's largest coldwater shrimp importer, China Starfish, which it bought in 2017. The company also sells more than 30 wild-caught species, including pollock, Argentinian red shrimp, red fish, toothfish and plaice.
