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Dongwon Fisheries Shares Up 43% In 2009

Dongwon Fisheries confirms post-StarKist acquisition share prices recovery trend also in 2009. Since January 4th, the company shares went up 43% reaching USD 5.210 this month.

The Korean based company was established in 1970 to operate trawlers and tuna long line vessels. It’s now one of the leading sea fishing companies in Korea, with 19 vessels.

Dongwon group has a total of 11 affiliates. According to a local newspaper, the company targets USD 2.3 billion in sales and USD 2.3 million in operating profit this year. Plans regarding further ahead are even more ambitious.

In April, the group, celebrating its 40th anniversary, held a group-wide event where the Vision 2020 was announced. According to the company’s mid-term goal, Dongwon will attain USD 14 billion in sales and a 20% return on equity by 2020.

Analysts have affirmed that the StarKist takeover in October of 2008 will bring Dongwon affiliates related to the tuna business more and more together, which makes the chances of achieving that goal quite high.