Ice Fish Farm planning rebrand to Kaldvik

An Ice Fish Farm aquaculture operation in Iceland
Icelandic salmon-farming company Ice Fish Farm has filed to change its name to Kaldvik | Photo courtesy of Ice Fish Farm
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Iceland-headquartered Ice Fish Farm has declared its intention to change its name to Kaldvik and will propose the rebranding at its annual general meeting, scheduled to take place on 20 June 2024.

In a filing with Euronext Growth (Oslo), the company advised that if the change is approved, it would immediately trade under the new name and ticker following the general meeting. 

It is also now trading its shares under the ticker "KLDVK" on the Nasdaq First North Iceland market, following approval of its dual listing on 28 May 2024 – the same date as the company's Capital Markets Day. The first day of trading was 29 May 2024.

The company's published description of its operations, which was required for the listing approval by Nasdaq Iceland, said the aim of the listing was enable local investors to participate in its growth story and value creation. 

“Although a large part of existing shareholders are Icelandic, a First North listing is expected to contribute to an increased interest in the affiliated shares and the company among investors, as well as among suppliers, media, and other stakeholders,” the description said.Additionally, a First North listing is expected to provide increased liquidity in the trading of the affiliated shares, which may be advantageous for existing shareholders.”

Ice Fish Farm is majority-owned by Norwegian salmon-farming firm Måsøval, which announced its intention to list the subsidiary on Nasdaq First North Iceland, in addition to its existing listing on Euronext Growth Oslo, in May 2024.

Ice Fish Farm is the 100 percent owner of Icelandic farming company Fiskeldi Austfjarða, which was founded in 2012 and has its head office in Eskifjörður. It also holds a 66.7 percent share in harvesting station Búlandstindur. In 2022, it acquired Laxar and since merged Rifós and Laxar into Fiskeldi Austfjarða.

Today, Ice Fish Farm has the largest share of Atlantic salmon farming licenses in Iceland and has up to 43,800 metric tons (MT) maximum allowable biomass (MAB) available. The company description it published also confirms the company has an application to increase its permitted biomass by 10,000 MT MAB through an initiative referred to as the Seyðisfjörður Project. The application is currently being processed by authorities. 

In 2023, Ice Fish Farm’s harvest totaled just 4,000 MT, a decrease from 11,500 MT in 2022, following an ISA outbreak at its sea sites. The company expects to harvest 21,500 MT this year.

Meanwhile, according to new figures published by Statistics Iceland, the country’s Atlantic salmon production dropped to 43,523 MT last year from 2022’s 44,934 MT. A record 46,458 MT of salmon was harvested in 2021.

In 2023, Iceland’s salmon exports were valued at ISK 40 billion (USD 291.2 million, EUR 267.6 million), down 9 percent year over year.

Overall, Iceland produced 50,000 MT of farmed fish last year, with 5,248 MT of Arctic char and 441 MT of rainbow trout contributing to the total.

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