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Aquaculture Magazine reports:
Andfjord Holding, announced a few days ago that the Norwegian company for sustainable salmon production has completed a block transaction with the international Group based in Portugal with over 230 years of know-how in the food business, Jeronimo Martins Agro-Alimentar (JMA), involving the sale of 2,000,000 shares in Andfjord Salmon Group. The transaction, they said, serves strategic purposes for both parties.
Roy Petterssen, CEO of Andfjord Holding, who will remain as Board Member and shareholder of Andfjord Salmon Group, stated: “We are very pleased that JMA is the buyer of these shares. JMA has been a key partner from the start, and their contributions at the board level have been instrumental to the success of Andfjord Salmon Group.”
JMA, the largest shareholder in Andfjord Salmon Group, has acquired these shares at a price of NOK 30.00 per share, calculated based on the average Volume-Weighted Average Price (VWAP) over 30, 60, and 90-day periods. The 2,000,000 shares represent approximately 2.95% of the total outstanding shares in Andfjord Salmon Group.
Reducing debt and strategic projects
For Andfjord Holding, the proceeds from the block sale will relieve the company from the pressure of managing its wealth tax obligations, while allowing it to reduce its debt, which was tied to its forward exposure in Andfjord Salmon Group, covering approximately 2,000,000 shares. Following this transaction, Andfjord Holding will no longer have shares on forward contracts and thus no debt related to its ownership in Andfjord Salmon Group, they reported.
In the other hand, for JMA this acquisition reflects its confidence on a strategic project with given proofs in terms of quality and high-level standards of production. The sustainable innovation culture inherent to Andfjord Salmon Group AS is a valuable source of knowledge and inspiration to JMA.
This transaction further strengthens the sense of long-term commitment of Andfjord Holding and of JMA to support the company’s growth and future development, well beyond the ownership structure.
Two leading companies
Let’s remember that Andfjord Salmon Group is a leading company in sustainable salmon farming, known for its innovative and environmentally friendly aquaculture practices. The company is listed on the Oslo Euronext Growth, with operations designed to meet the highest standards in sustainable seafood production.
For its part, Jeronimo Martins Agroalimentar is a subsidiary of the Jeronimo Martins Group, a multinational food distribution and manufacturing holding. JMA focuses on sustainable food production and innovation, leveraging its experience in the agri-food sector to deliver high-quality products.
Investing in a promising and truly innovative sustainable business
The announcement of Andfjord Salmon arrives two years after a first investment of JMA in the Norwegian company of EUR 16.8 million, in the acquisition of 10.1% of the Andfjord Salmon in 2022.
“We are investing in a promising and truly innovative sustainable business project that is fully aligned with our corporate responsibility priorities. Andfjord Salmon’s project is focused on using efficient technology to produce salmon – a strategic product to our business- with less impact on natural resources, therefore contributing to conserve and sustainably use the ocean, the sea and marine resources,” said Pedro Soares dos Santos, Jerónimo Martins Chairman and CEO, after the acquisition.
“In a challenging backdrop of both high pressure on the ocean stocks and food security, we believe that investing in this innovative and sustainable production will also work for us as a learning curve accelerator in what regards best practices in aquaculture projects,” he added.
