Mediterranean sea bass and sea bream producer Nireus Aquaculture SA has left the Turkish market, selling its subsidiaries Ilknak and Miramar for a total price of EUR 4.15 million (USD 4.64 million).
Ilknak was established in 1996 and is one of the few integrated producers of bass, bream and meagre in Turkey, while Miramar is a trading company that was established in 2006. A Turkish businessman who is engaged in fish farming activities bought both companies.
The decision to sell its Turkish operations is in line with Greece-based Nireus’ aims to disengage from activities that are not in its strategic business plan and to enhance its liquidity.
Production in Turkey had accounted for around 5 percent of Nireus’ total output. It said increasing its production capacity in Greece would make up this shortfall.
Nireus reported improved results for the first nine months of 2014 with its operating EBITDA (before the effect of a biomass valuation) improving by EUR 9.4 million (USD 10.5 million) to EUR 10.5 million (USD 11.8 million).
While total group sales fell 1.1 percent year-on-year to EUR 150.2 million (USD 168.2 million), the value of its exports increased 2 percent to EUR 120.3 million (USD 134.7 million). Exports account for 80 percent of the group’s total sales.
Nireus is currently in negotiations with its lending banks with regards to restructuring its bank loans, including the capitalization of its debt.
