HB Grandi’s shareholders have sanctioned the board of directors’ decisions to change the name of the Icelandic seafood company to Brim hf and to buy Útgerðarfélag Reykjavíkur’s (UR’s) seafood sales operations in Asia.
At a shareholders’ meeting on 15 August, 88.85 percent of votes approved the acquisition of UR’s companies, which include Icelandic Japan KK, Icelandic Hong Kong Ltd. and Icelandic China Trading Co. Ltd. for USD 34.9 million (EUR 31.4 million).
Brim said the purpose of the purchase is to strengthen the sales and marketing operations of the company, particularly in Asia. The companies being acquired have been operating since 1989.
The price will be paid by issuing new shares in the company. A total of 133,751,606 shares will be issued or an increase of 7.3 percent. After the transaction, UR will hold around 42 percent of shares in the company.
Meanwhile, a majority of 90.95 percent of votes approved the company’s name change to Brim, which takes place with immediate effect.
The company said that the name “Brim” – an Icelandic word for breaking waves – is simple and easy to pronounce. It’s also a name that’s already known in international seafood markets. Meanwhile, the new logo is meant to symbolize waves that are breaking their way in business and trade as well as the company’s seafood products.
Photo courtesy of Brim
