Vol.18  No. 720  Friday Edition, July 20, 2018
Real Estate
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First Costa Rican company listed on the Nasdaq

By A.M. Costa Rica staff

Under the trade name ESTA, the ordinary shares of the Costa Rican company Establishment Labs Holdings were listed for sale on the Nasdaq Stock Exchange Thursday.

Establishment Labs is a global medical technology corporation focused on the development of breast implants and medical technologies for breast reconstruction. It was founded in 2004 and currently exports to 60 countries on five continents.

In his message of congratulations, President Carlos Alvarado said: "This is a major goal, not only for Establishment Labs, but for Costa Rica, because it reflects the maturity and high competitiveness of the national export sector and the industry in the country."

The minister of Foreign Trade, Dyalá Jiménez, also agreed with his assessment of the importance of the participation of a Costa Rican company in Nasdaq.

"As part of the main export sector of our country, Establishment Labs has become a true example of innovation and competitiveness.  Today it shows that in Costa Rica we work with excellence, in favorable conditions of competitiveness and in a very favorable climate for investment. For the government of Costa Rica this means a great commitment to continue working on strengthening the conditions in education, services and infrastructure so that more companies like Establishment Labs can develop in the country. My most sincere congratulations for this achievement that fills us with pride and especially for reminding us of the great human talent that Costa Rica has. This is not only a historic milestone for the Establishment Labs company, but for Costa Rica, where once again we reaffirm the desire of this country to dream big," said Jiménez.

"Integrating into Nasdaq represents a significant milestone for Establishment Labs and our shareholders, as our business grows globally and advances with a clinical trial in the United States," said the company founder Juan José Chacón.

He added: "Today the strength of our people and the technologies that allow us to provide better safety and aesthetic results for our patients is reaffirmed. We started in a garage in Pavas less than 10 years ago and, of course, it is an honor to be the first company based in Costa Rica that is listed on one of the main stock exchanges in the United States. "

A.M. Costa Rica wire services photo  

The price of the Costa Rican company ran between $24 and $27 a share during its first day in the stock market.

Nasdaq ‘s President Nelson Griggs said "Establishment Labs represents the kind of progressive growth company that symbolizes the spirit of Nasdaq working continuously to improve patient safety and aesthetic outcomes while simultaneously projecting to enter the U.S. market." He also predicted a successful future.

According to the Costa Rican Coalition for Company Development, Establishment Labs is part of the medical device sector in Costa Rica. Last year, the company was listed as the top exporter of goods in the country, with a total value of exports of $2.8 billion, $278 million more than in 2016.

According to data from the Costa Rican trade promotion office, Establishment Labs generates more than 300 direct jobs and exports to 60 countries in Europe, Asia and America. The institution highlighted this achievement is an example to follow, since the firm started as a small or medium enterprise, but its vision and strategy has allowed it to grow, consolidate and shine in international markets, observers said.

Study confirms presence of
foreign vessels fishing off  Isla del Coco

By A.M. Costa Rica staff

An analysis of satellite systems has confirmed the existence of illegal fishing vessels off the Isla del Coco

The main problem is the presence of a foreign fleet of tuna vessels that entered the protected areas of the Cocos Marine Conservation Area.

The presence of the vessels was confirmed in a study called: "Characterization and analysis of industrial fishing pressure in the ACMC and the adjacent Exclusive Economic Zone," published by the Amigos de la Isla del Coco Foundation.

The study details more than 130 incursions into the prohibited areas through the analysis of the Global Fishing Watch and SkyLight satellite monitoring systems.

Despite the magnitude of the illegal fishing, it could be much greater since the systems only report the boats that can be tracked by satellite.

"The current pressure puts Isla del Coco National Park and Marine Submarine Area in a critical situation: they become attractive in the face of scarcity, and there is no capacity for recovery at this rate," the study says.

In addition, foreign ships do not generate profits for the country's economy, compete unfairly with national fishing vessels and destroy the ecosystem, the study concludes.

"National fishermen can be the best allies in the conservation of our marine resource. Smart actions supported by technology and a better design of public policy will lead us to enhance their contribution," said Carlos Manuel Uribe, President of the foundation board.

The trajectory of the vessels and their operation profiles were analyzed to determine that the incursions were for fishing not recreation.

The pattern deciphered in the study indicates that these boats first sail on a steady course and speed until they reach a point where they lower their speed and remain that way for several hours.


A.M. Costa Rica wire services photo

Costa Rica has identified 6,700 marine species of
which 16 percent are found only in Isla del Coco.

It is at that point where illegal fishing could be taking place.

The study indicates that the ships were from eight nations: Venezuela, Nicaragua, Panama, Colombia, the United States, Peru, Spain and Kiribati.

The study indicated that the Venezuelan fleet spent an average of 702 days in the area, Panamanian vessels 336 days and the Nicaraguan fleet 202 days.

The study was made over five years, from January 2012 to June 2017. The document was prepared in order to defend Coco Island, which is a Natural World Heritage Site, and where fishing could cause irreparable damage to biodiversity.

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