Grieg family “committed" to ownership despite stock sale

Published on
November 23, 2016

Not long after two major Grieg Group shareholders said they are exploring the sale of up to 1.8 million of their shares in Grieg Seafood ASA, the Grieg family said it is “committed to continue to be a majority and strategic long-term owner and represented on the board of the company,” according to a statement.

However, the Bergen, Norway-based Grieg Seafood will still be consolidated within the Grieg Group, according to the statement.

Kvasshøgdi AS said it will sell up to 1 million shares and Grieg Shipping II AS will sell up to 824,565 shares in the Grieg Group.

Grieg Shipping II AS and Kvasshøgdi AS are owners and members of the Grieg Group that holds a majority holding in the company, through Grieg Holdings AS, Grieg Limited AS and Ystholmen AS.

The sale comes soon after the Grieg Group said that salmon harvest volume in its third quarter dropped 28.5 percent to 13,911 tons. In addition, the company’s expenses were “above normal due to increased allocations to high costs related to the management options scheme,” according to a statement. “This amounted to NOK 8 million (USD 939,000, EUR 884,000) in Q3 and must be considered in the light of an increase in the share price.”

However, Grieg Group sales revenues in the quarter soared 25 percent to NOK 1.55 billion (USD 182 million, EUR 172 million).

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