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VIET SEAFOOD

Bonds On Massive Tuna Vessel Purchase Oversubscribed Mozambique, September 20, 13

The Mozambican government spokesperson, Deputy Justice Minister Alberto Nkutumula, told reporters on Tuesday that the Council of Ministers (Cabinet) has not yet discussed the deal under which Mozambique is to purchase 30 tuna and patrol vessels from French shipyards.

Asked by AIM about the arrangement, Nkutumula said he had no information, noting that the reports on the deal cite French sources, not Mozambican ones.
The French media say that Mozambique has ordered 24 fishing vessels and six patrol boats from shipyards in Cherbourg, in northern France. The total cost of the vessels is put at 200 million euros (about 267 million US dollars), although in some of the French sources the figure rises to 300 million euros.
The order represents two years’ work for the shipyards. The official announcement was made by the French Minister of Industrial Renewal, Arnaud Montebourg.
The Portuguese language service of Radio France Internacional (RFI) cited Mozambique’s Deputy Defense Minister, Agostinho Mondlane, as saying that the patrol boats would “combat piracy, terrorism and illegal fishing”.
The fishing vessels are a mixture of trawlers and longliners. The purpose is clearly to build up a national tuna fishing fleet.
The money will come from a 500 million dollar bond issue by a new Mozambican company EMATUM (National Tuna Company). To all intents and purposes, EMATUM is a state company. The major shareholder in EMATUM is the Institute for the Management of State Holdings (IGEPE) with 34 percent. The other shareholders are the state fishing company Emopesca and GIPS (Management of Investments, Holdings and Services), with 33 percent each. GIPS was set up in December 2011, and its main shareholder is the social services of the State Intelligence and Security Service (SISE).
EMATUM hired the banks BNP-Paribas and Credit Suisse to manage the sale of the bonds. According to the Reuters news agency, the bonds “will have a 7-year tenor and a weighted average life of 4.5 years”.
The bonds have a final yield of 8.5 percent. Apparently there was no shortage of buyers, since the bond issue was oversubscribed.
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