Pacific Andes facts for kids
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| Public company | |
| Traded as | SEHK: 1174 |
| Industry | Food |
| Founded | 1986 |
| Founder | Ng Swee Hong |
| Products | Frozen deep-sea fish, fish products |
Pacific Andes International Holdings was a big Asian company that worked with seafood. They were "vertically integrated," which means they handled everything from catching fish to selling it in stores.
Contents
What Was Pacific Andes?
Pacific Andes was a major player in the seafood world. They focused on deep-sea fish and other seafood products. Their main goal was to bring seafood from the ocean to people's plates.
How It Started
The company began in Hong Kong in 1986. It was started by Ng Swee Hong and his six children. At first, it was a private business. They mainly bought and sold shrimp, especially to Taiwan.
Soon, they grew bigger. They started catching their own shrimp and selling it all over the world.
Growing Bigger
In the early 1990s, Pacific Andes expanded. They began buying deep-sea fish, like Alaska pollock, from Russian fishing boats. They would then process this fish and export it to other countries.
In 1994, the company offered its shares to the public for the first time. This meant people could buy parts of the company on the Hong Kong Stock Exchange. A few years later, in 1996, one of their smaller companies also started trading shares in Singapore.
Expanding Around the World
From the late 1990s into the 2000s, Pacific Andes built more processing factories. These were in places like China and Peru. By 2007, they became the world's largest maker of fish fillets. Fish fillets are pieces of fish meat without bones.
By 2016, Pacific Andes was one of the top seafood companies globally. They owned parts of many other seafood businesses around the world.
Other Companies They Owned
Pacific Andes had a big share in several other companies.
- They owned most of Pacific Andes Resources Development in Singapore. This company handled seafood trading and shipping.
- They also owned most of China Fishery Group, which caught and processed fish.
- In America, they owned National Seafood, which processed and sold seafood.
- They even had a share in a German fish processing company called Pickenpack.
Why the Company Faced Challenges
In July 2016, Pacific Andes had to file for bankruptcy. This happened because they had a lot of debt. Also, there were not enough fish to catch in some important fishing areas, like Peru. This was due to weather patterns and low fish populations.
By February 2017, many of Pacific Andes' smaller companies were being closed down. Their assets were sold to pay off debts.
