At a meeting scheduled for 15 August, HB Grandi’s shareholders will decide whether to sanction the board of directors’ decisions to buy seafood sales companies in Asia and to change the name of the company.
On 12 July, HB Grandi and Útgerðarfélag Reykjavíkur hf signed a sales agreement whereby HB Grandi will buy all the shares in Útgerðarfélag Reykjavíkur’s seafood sales companies in Japan, Hong Kong, and on the continent of China.
The purchasing price is EUR 31.1 million (USD 34.6 million), payable through new shares in the company. A total 133,751,606 shares will be issued, an increase of 7.3 percent.
HB Grandi said the purpose of buying the companies is to strengthen the position of its business and the Icelandic seafood industry in important and rapidly growing markets in Asia. These companies have been operating since 1989.
The board of directors approved the purchasing agreement on 18 July. On the same day, it also proposed to change the name of the company to Brim hf, with the view that the move would underline the company’s greater commitment to international marketing and sales operations.
The HB Grandi name is 15 years old and reflects the merger of two companies, Haraldur Böðvarsson and Grandi.
