They are moving forward with operations in Bolivia, a bold step aimed at reviving a once mighty company. A post from three years ago shows Luis Malo de Molina, chairman of Pescanova SA, signaling a fresh push to scale new heights. The venture pooled 14,250 euros into Bolivian entities Buhoservice and Gambabol in a bid to sustain the business that had been hit by bankruptcy, with the larger fishing operations now under the umbrella of Nueva Pescanova. Yet the journey produced little public progress, and the enterprise has not disclosed concrete milestones since that message was shared.
In truth, beyond a strategic plan that has yet to receive a concrete timetable, the former Pescanova has struggled to generate meaningful revenue independently. It remains financially sheltered by support from the Chapela group, owning only a sliver of the total shares at 0.34%, with limited prospects for long term dividends or regaining the 20% stake historically held in fishing ventures. Despite these constraints, some investors still assign a market value above 11 million euros, though much of that is seen as speculative by the market.
Since last July, trading activity on the stock exchange has intensified, with Faro de Vigo reporting that more than 12.5 million Pescanova SA shares have changed hands, representing almost half of its equity. A portion of the stock remains non-circulating because it is controlled by former president Manuel Fernández de Sousa-Faro, the late Alfonso Paz-Andrade, and the Silicon Metals Holding fund. The shares that are freely traded form a volatile book that moves without clear financial justification, while some speculative investors push the price well above what the board regards as economically sound.
Value
The former Pescanova holds a stake in fishing through the entity Gestión de Participaciones Ría de Vigo, which is referenced in the latest CNMV financial report dated January 30. The report notes a deterioration in the assessment of this stake, valuing it at 940,532 euros and suggesting it remains a minor factor in the overall picture. The market capitalization still sits above 11 million euros, yet Pescanova SA appears without clear commercial aims beyond its involvement with Nueva Pescanova. If these figures were projected onto the broader fishing business led by Ignacio González, the combined value of the Chapela-based multinational could exceed 276 million euros.
However, the real picture remains more nuanced. Investors have largely overlooked recent critical events affecting the former Pescanova. The case is under scrutiny by the National Court with a potential final ruling from the Supreme Court, where the company is found to be jointly liable for damages exceeding 160 million euros. The Supreme Court also determined that the company did not retain a right to demand further participation. Vieja Pescanova ended the 2022 financial year with losses approaching seven million euros, underscoring the fragility of the enterprise despite its nominal market value.
Data
Number of shares: 28,737,718
Capital: €172,426,308
Price per share: 0.3905
Exchange value: €11.22 million
NPVA shares: 2,437,894
Participation in NPVA: 0.34%