IBL subsidiary merges with Princes Tuna Mauritius to boost sales in tuna market
Princes Tuna (Mauritius) and Thon des Mascareignes’ merged entity will enjoy a strong position in the global tuna market, with estimated annual sales of USD 400 million, two processing sites and transfer of all employees to the new operation on completion of the transaction. (Image:thephilosophersmail.com)
Princes, a food and beverages group headquartered in Liverpool, has finalised the agreement for enlarging its tuna processing operation in the Indian ocean region on 02 March 2015, for which plans were announced on 04 November 2014.
Princes Tuna (Mauritius), one of Princes’s subsidiaries, has merged with Thon des Mascareignes (TdM) the second largest tuna processor in Mauritius that is owned by fisheries major Ireland Blyth Limited (IBL).
It is being estimated that USD 400 million will be the approximate annual sales figure of the enlarged entity which will now operate two processing sites, with all employees to be transferred to the new operation on completion of the transaction.
The main shareholder will be Princes, which will continue to trade under the name of Princes Tuna (Mauritius) and other shareholders are listed Mauritian group, IBL, which owns TdM and other related fish processing and storage facilities in Mauritius.
Furthermore, the Mauritian State Investment Corporation (SIC) will also retain a shareholding in the merged group.
Being a bigger group post-merger, the new company will strength its position in the global tuna market and derive long-term sustainability initiatives in the Indian Ocean Region where the group will carry out operations.