NORWAY – Andfjord Salmon Group AS is currently raising between NOK 300 to 350 million (US$33.6M) to expand its production capacity at Kvalnes.

The funding will also support increasing biomass and general corporate purposes.

According to a press release on its website, the land-based salmon farmer confirms that the price per Offer Share in the Private Placement is being determined through an “accelerated book building process.”

Several investors are pre-committing to subscribe to the shares through the private placement.

For instance, High Liner Foods Incorporated is investing US$10.0M, securing a 4.5% share ownership.

Jerónimo Martins Agro-Alimentar S.A, holding 25.1% of the outstanding shares, is contributing US$7.5M.

Additionally, Eidsfjord Sjøfarm/Holmøy Havbruk and the construction company Leonhard Nilsen & Sønner (LNS) are subscribing for NOK 15.9 million (US$1.5M) and NOK 10 million(US$950,000) respectively.

Andfjord Salmon’s CEO, Martin Rasmussen, expresses satisfaction with the progress of the Kvalnes project, noting that it is staying within budget and attracting significant investor interest.

In January, the company confirmed the excavation of the next 12 pool pits at Kvalnes, Andøya, has been completed one quarter ahead of schedule.

Rasmussen stateD, “We are leveraging this positive momentum to raise funds for added financial flexibility. We are pleased that strong, international industrial investors have pre-committed substantial amounts.”

Examining Andfjord Salmon AS’s shareholders reveals that private companies hold the majority of shares, with around 56%.

This group stands to gain the most from any increases in the company’s value or suffer the most in case of a downturn.

The recent 18% gain in stock value primarily benefits these private companies.

Six investors collectively hold a majority stake, with 51% ownership.

The largest shareholder, Sociedade Francisco Manuel Dos Santos, S.G.P.S., S.E., holds 25% of the shares, followed by entities with 7.5% and 6.6%.

The general public, primarily individual investors, holds 22%, giving them some influence over company policies, although not enough to override decisions from larger shareholders.

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