Carlyle's Siewert steps down from China Fishery board
Patrick Siewert, the representative of The Carlyle Group on the board of China Fishery Group, has stepped down from the board.
The private equity firm's stake was recently reduced from 11.1% to 6.2%, after the Singapore-listed company's rights issue earlier this year. In a statement, China Fishery said that Carlyle had decided that its reduced stake and Siewert's other commitments made it unnecessary to continue to be represented on the board.
China Fishery, headquartered in Hong Kong, is a global integrated industrial fishing company that mainly sells ocean-caught fish and fish meal, produced at its plant in Peru. It has been listed on the Singapore Stock Exchange since 2006.
Carlyle invested $190 milion in China Fishery in 2010, buying a 13.6% stake. Since then the company has grown to become the world's largest producer of fishmeal and fish oil exports, partly through its $277 million acquisition of Peruvian rival Copeinca in 2013.
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