SINGAPORE, China Fishery Group was higher after the company expanded its fishing fleet in Peru to 18 vessels by acquiring Pesquera Isla Blanca SA, which operates two vessels, for 4.4 mln usd, dealers said.

In early trading, China Fishery was up 0.04 sgd or 1.33 pct at 3.06, with 75,000 shares having changed hands.

The latest acquisition follows China Fishery's purchase of Alexandra SAC in October.

The key beneficiary of this strategic investment will be Alexandra, which currently produces fishmeal from anchovy supplies that are both self-harvested and procured from third parties. With an enlarged fleet, Alexandra's reliance on third-party suppliers is expected to be reduced, hence resulting in lower operations costs and potentially better margins, China Fishery said.

For the first half, Alexandra posted earnings before interest, taxes, depreciation and amortization of 14 mln usd on sales of 46.7 mln usd.