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Sealord Group has sold its unprofitable Argentinian subsidiary Yuken to an Argentinian buyer for an undisclosed price.
Chief executive Graham Stuart says it means the company can make a clean exit from South America without any further liabilities or putting Yuken into bankruptcy.
In the two years it has taken to sell the business, Sealord has taken a $10 million charge and operating losses totalling $12 million as an over-valued peso and rampant inflation drove up costs.
It means Sealord has been unable to pay a dividend this year to its shareholders, pan-Māori company Aotearoa Fisheries and Japan’s Nippon Suisan Kaisha.
Mr Stuart says without the dead weight of the Argentine venture Sealord can return to profit.
Copyright © 2013, UMA Broadcasting Ltd
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