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Pingtan Marine Enterprise signs master agreement to acquire 46 fishing vessels

Pingtan Marine Enterprise announced that the company recently expanded its fleet through the signing of a "Master Agreement" to purchase 46 fishing trawlers in a transaction totaling approximately $410.1M. After a thorough third-party appraisal process, the Master Agreement was signed between Pingtan and Fuzhou Honglong Ocean Fishery Co., or "Hong Long." The transaction is subject to the receipt of government approvals; however Pingtan began operating the vessels upon the signing of this agreement. The Company immediately began reporting operating results from this transaction for a short period in the current second quarter, with a full quarter beginning in the third quarter of 2013.