The president of resurrected Spanish frozen food and fishing group Nueva Pescanova has announced that they are planning to push ahead with expanding the company without seeking an industrial partner or a return to a stock market listing in the immediate future.
His comments came after the new (‘nueva’) company that emerged following the collapse of the original Pescanova in 2013 held an extraordinary meeting on 25 February to elect a new board of directors.
Group president, Jacobo González Robatto, said they were looking forward to a “stage of growth and normality,” but they had “absolutely no plan” to go for a public listing at the moment.
Likewise, he ruled out any tie up with an industrial partner for at least two years, as Nueva Pescanova is now “in a very good position of liquidity” and therefore had no need to do so.
Speaking following the meeting at which Ignacio González was confirmed as the new Group CEO, González Robatto said he would like to see a return to the stock market in three to four years.
But to achieve this Nueva Pescanova would need to be an “absolutely autonomous company – and right now it is not.”
While the group “now has the wind behind it,” he acknowledged that a new injection of capital will be needed in the future although it was still not known “when and how much”.
With CEO Ignacio González now working on a new business plan, the president said he expected a decision on the injection to be made this summer, once a report on the company asset structure is complete.
