Norsk Sjømat puts listing on hold

Norsk Sjomat

Norsk Sjømat is postponing plans to list on the Oslo Stock Exchange, blaming increasing turbulence in the financial market.
The company said the uncertainty was particularly acute in the seafood sector at the moment.
The surprise announcement comes just three weeks after salmon farmer Norsk Sjømat and conventional fishing company Nergård announced they were joining forces to create a giant group, Norwegian Seafood.
The two operations are major players in their respective spheres and are owned by Per Magne Grøndahl and Bjarte Tunold.
Norsk Sjømat AS is a business involved in the farming and processing of salmon and trout, and was founded in 1996. The company is one of Europe’s leading salmon producers.
Nergård is the second largest fishing company in Norway and since the 1980s it has secured a significant share of Norway’s fishing rights and created value through fish processing.
Norsk Sjomat posted its decision through a stock exchange announcement. Although Covid-19 was not mentioned, it is fair to assume the pandemic is behind much of the current financial turbulence referred to in the announcement.
With a second wave of the disease spreading across the UK and Europe, a number of seafood companies are feeling the impact of Covid-19 more acutely than during the first lockdown five months ago.
However, the company said it had received positive feedback for their business case as well as solid demand from domestic and international institutions.
It added: “The board does not wish to provide further information at this time, but a listing process may be resumed in the future. “
However, they gave no indication of when this might happen.


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