In the fourth quarter of 2003, SSF sold 200 metric tons of its Southern bluefin tuna quotas and today's sale represents the remaining 500 metric tons. SNSA expects to recognize a gain of approximately $44 million on the transaction in its first quarter of 2007. Operating revenue for the Southern bluefin tuna business in 2006 was approximately US $11 million.
Pablo Garcia, President of SSF, said, "The Southern bluefin tuna business has been a non-core activity for SSF for the last couple of years.
SSF's strategy is focused on developing species where biological know-how and technology expertise create a fundamental competitive advantage.
We are happy to complete this sale today at a price that we believe reflects the real value of the business."
TheFishSite News Desk