Andfjord Salmon chief executive Martin Rasmussen: "We are very pleased that strong, international industrial investors have chosen to step in with significant amounts."

Andfjord Salmon raises £25.7m in ‘significantly oversubscribed’ share sale

Canadian seafood heavyweight High Liner joins list of land-based fish farmer's owners

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Land-based fish farmer Andfjord Salmon has raised gross proceeds of NOK 350 million (£25.7m) through a private placement of new shares.

The issue was significantly oversubscribed, the company reported this morning.

The net proceeds will be used to expand the company’s production capacity at the company’s flow-through facility at Kvalnes on the Norwegian island of Andøya, ramping up biomass, and for general corporate purposes.

In the current construction phase at Kvalnes, Andfjord Salmon will build four new pools, which will increase the company's production capacity to 8,000 gutted weight tonnes of salmon from 2025.

The company aims to reach a production capacity of 40,000 tonnes at Kvalnes through gradual volume increases between 2025 and 2030. In the first construction phase, Andfjord Salmon is also building out infrastructure, such as waterways and the harbour area, which will support future production capacity of 40,000 gwt.

To plan and budget

“The Kvalnes development is going as planned and is on budget. We are very pleased that strong, international industrial investors have chosen to step in with significant amounts,” said chief executive Martin Rasmussen.

Among the investors who subscribed to the issue are:

  • High Liner Foods Incorporated, a leading supplier and distributor of seafood in the United States and Canada, which subscribed for shares worth US $10m (approximately NOK 107m). The company is listed on the Toronto Stock Exchange. High Liner Foods becomes a new shareholder in Andfjord Salmon.
  • Andfjord Salmon's largest owner (with 25.1% of the shares), Jerónimo Martins Agro-Alimentar SA, subscribed for shares worth approximately NOK 87m. The parent company, Jerónimo Martins, is an international food group that is listed on the stock exchange in Portugal.
  • Jan Heggelund, both privately and via the company Ristora AS, subscribed for shares worth a total of NOK 30m. Heggelund previously owned 2.7% of Andfjord Salmon.
  • Fish farmer Eidsfjord Sjøfarm/Holmøy Havbruk, which previously owned 4.5% of the shares in Andfjord Salmon, and is represented on the board of Andfjord Salmon with Knut Holmøy, subscribed for NOK 15.9m.
  • The construction company Leonhard Nilsen & Sønner (LNS), which previously owned 0.7% of the shares in Andfjord Salmon, subscribed for NOK 10m.