China Fishery Group (CFG) bankruptcy trustee William Brandt is eyeing on sovereign wealth funds in Asian or Middle Eastern countries, says Under Current News. This comes after Brandt’s failed attempt to sell the CFG’s assets in Peru. The sale process reached up to almost two years without any bidders agreeable to shell out the Peruvian asset’s $1.2 billion asking prices.
In an attempt to sell the Peruvian anchovy processing company, Brandt filed for permission to hire Asab Investment to help CFG. Asab is a United Arab Emirates-based brokerage firm with an expansive network including sovereign wealth funds.
Brandt wants to enlist Asab’s help as part of his strategy to offer the fish meal and oil processing company to 21 state-owned funding.
These funds include Temasek (from Singapore worth more than $235 billion), the Bahrain Mumtalakat Holding Co. ($15.4 billion), Khazanah, Employees Provident Fund and Kumpulan Wang Persaraan (from Malaysia), Mubadala Investment Company and the Abu Dhabi Investment Authority (from UAE), State General Reserve Fund and the Oman Investment Fund (Oman), Investment Company and Global Investment House (Kuwait), and Turkiye Varlik Fonu (Turkey).
UAE’s Mubadala is considered as one of the biggest among the prospects. It has also been placing its capital on seafood.
The sale process also targets three big Saudi Arabian funds including the Public Investment Fund, the Saudi Arabian Monetary Agency and Kingdom Holding. Meanwhile, interest arises from prospective Asian buyers and there are speculations that the asset will go to an Asian buyer.
Asab is expected to provide CFG with a much-needed boost. The brokerage firm is known for its experience and reputation in transacting with major decision makers in state-owned funds. It has worked with around 6 deals in which sovereign funds are involved.
For its services, Asab is slated to receive a commission of $10 million.