Delayed financial report puts Barramundi Group in Oslo Børs penalty bench

A Barramundi Group farm
A Barramundi Group farm | Photo courtesy of Barramundi Group
4 Min

Barramundi Group has landed on the Oslo Børs penalty bench after failing to report its 2023 financial results in a timely manner.

The Singapore-based barramundi farmer’s 2023 annual report was due 30 May. The Oslo Børs, or Euronext Oslo exchange, announced 3 June it would restore the company’s normal status once it has submitted its financial report. It did not give a timeline for when it must be done, and there is no penalty for entering the penalty bench category other than publicizing the fact the company has repeatedly not complied with the exchange’s rules.

In a press release, Barramundi Group said it will be releasing its 2023 annual report on 13 August 2024, in advance of its annual general meeting on 27 August. It said it will then release its H1 2024 report on 30 August and its 2024 annual report on 30 May 2025.

Barramundi Group blamed the delay in releasing its 2023 annual report and the postponement of its annual general meeting on “ongoing corporate restructuring efforts, requiring additional time for finalization.”

On 20 February 2024, two of Barramundi Group’s directors, Edward Averrill Ng Yong Sheng and Lai Nge Kong, resigned. That came after four other members of the company's board stepped down in May 2023, following the company's announcement of an annual loss totaling SGD 19.7 million (USD 14.7 million, EUR 13.5 million) in 2022. Two other board directors, Dato Seri Setia Haji Abdul Manaf bin Haji Metussin and Junaidi bin Haji Masri, were replaced on the company's board in October 2022.

On 28 February 2024, Barramundi Group announced it had secured a facility offer of BND 15 million (USD 11.1 million, EUR 10.2 million) from an unnamed Bruneian financial institution.

“The securing of this initial funding, in the present economic climate and following the many difficulties the Group has faced in recent years, is encouraging,” the company said.

The loan will be used to fund the first phase of the Barramundi Group’s expansion of its Brunei operations.

“The financing allows us to execute the two key components of this first phase, [including] the construction of a [recirculating aquaculture system] broodstock and hatchery center –  complementing the existing RAS nursery operations and immediate deployment of sea cages at our existing sea lease, Pelong Rocks, which is slated for mid-2024,” it said. “With the new broodstock and hatchery facility, the Brunei operations will be able to capitalize on the genetic nucleus from our Singapore broodstock – naturally bred and selected over 20 years – to spawn and culture fry and fingerling within Brunei.”

The capital will be sufficient to complete the first phase of Barramundi Group’s planned farm at the Pelong Rocks site in Brunei, which will have an annual capacity of 1,000 metric tons (MT). It also gives the company enough capital to complete Phase 2, which will raise its production capacity to 3,000 MT annually via the construction of the RAS facility, according to a press release.

“The immediate deployment of Pelong Rocks will help to smooth the gap in production and revenues but also provide the group with an opportunity to reenter the China market – one of our largest and key markets, previously unreachable with a Singapore-grown product,” it said.

Barramundi Group’s stock price, as listed on the Euronext exchange, closed at NOK 2.30 (USD 0.22, EUR 0.20) on Tuesday, 5 June, down from a 52-week high of NOK 5.30 (USD 0.50, EUR 0.46).

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