Shareholders rubber-stamp Chinese investment in Nordic Aqua Ningbo
Local firms buy 20% of company aiming for 20,000 tonnes of salmon per year
Shareholders of Norwegian company Nordic Aqua Partners have approved amendments to the articles of association of its China subsidiary Nordic Aqua (Ningbo) Co., Ltd, to accommodate two Chinese investors in its land-based salmon farming project in Gaotang, Ningbo, northeast China.
It follows a decision by shareholders in October to approve an increase in Nordic Aqua Ningbo’s registered share capital from €87 million to €108.75m (£95.3m / NOK 1.28 billion), and let the Chinese companies subscribe for the shares.
Ningbo Ocean Development Group Co., Ltd is investing the Chinese yuan (RMB) equivalent of €19.575m, which buys it an 18% stake in Nordic Aqua Ningbo and a seat on the four-person board of directors.
2% stake for landlord
Nordic Aqua Ningbo’s landlord, Xiangshan Strait Economic & Technological Cooperation Co., Ltd, which is affiliated to the Xiangshan Government, is investing the RMB equivalent of €2.175m, which secures a 2% stake.
In November last year, Nordic Aqua Ningbo entered into a 30-year rental agreement for land and production facilities with Xiangshan Strait Economic & Technological Cooperation the phase 3 of its recirculating aquaculture system (RAS) facility in Gaotang, and also extended rental agreements for phases 1 and 2 to 30 years.
Phases 1 and 2 each have an annual production capcity of 4,000 tonnes and a third phase will add a further 12,000 tonnes, taking capacity to 20,000 tonnes.
