SalMar ramps up stake in Icelandic salmon firm

Published on
April 11, 2019

Frøya, Norway-headquartered salmon farmer SalMar ASA has received acceptances for the acquisition of 2,343,511 shares in Arnarlax AS. These latest acceptances represent approximately 8.8 percent of the shares in the Icelandic salmon producer. 

With SalMar already owning 14,432,281 shares in Arnarlax after it upped its stake in February, it will hold a total of 16,775,792 shares, representing approximately 63.03 percent of the company, upon settlement.

It said that settlement for these transactions will be completed no later than 24 April.

Located in the west fjords, Arnarlax is Iceland’s largest salmon farmer. The company was incorporated in 2009 and had its first harvest in 2016. Last year, its operating income totaled NOK 400.4 million (USD 47.1 million, EUR 41.8 million), its operational earnings before interest and taxes (EBIT) was a loss of NOK 78.9 million (USD 9.3 million, EUR 8.2 million), and its net profit was a loss of NOK 29.3 million (USD 3.4 million, EUR 3.1 million). Its 2018 harvest totaled 6,700 metric tons (MT), down from 9,700 MT in 2017.

In the first quarter of this year, Arnarlax harvested 2,300 MT of salmon. 

According to its latest trading update, SalMar harvested a total of 35,400 MT in the last quarter. This included 2,100 MT from Arnarlax from the two months of February and March 2019. 

Photo courtesy of Arnarlax 

Contributing Editor reporting from London, UK

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