Tallinn, Estonia-based fish-farming company PRFoods has confirmed its subsidiary, Saaremere Kala AS, has signed a share-purchase agreement for the transfer of 100 percent of the shares in Överumans Fisk AB to Vattudalens Fisk AB.
Överumans Fisk farms rainbow trout in Sweden, while Vattudalens Fisk AB is a Swedish company that has been farming rainbow trout for more than 10 years. Vattudalens is owned by Svåholmen AS, which is part of Norwegian group Egersund Group AS.
The transaction, which has an estimated EUR 10.5 million (USD 10.4 million) value, is subject to the approval of the shareholders of AS PRFoods.
In a press release, PRFoods said that it will now focus on fish farming in Estonia, with the aim of becoming the largest fish farmer in the region.
“The rationale of the transaction is to exit Swedish business. The proceeds will reduce the debt of PRFoods and increase equity for investments in fish farming in Estonia, which should in the future be larger than its fish farming in Sweden today,” the company said.
Photo courtesy of PR Foods
