Chinese investors buy into Nordic Aqua Partners
Nordic Aqua Partners (NOAP) today announced a comprehensive financing package to support the soon to be completed construction of Stage 2 and the plan for Stage 3 of its land-based Atlantic salmon farming operation in Ningbo, Northern China.
The development will bring NOAP’s total annual capacity to 20,000 tonnes of locally farmed Atlantic Salmon.
NOAP said in an Oslo Stock Exchange announcement this morning that it has agreed terms and conditions for the co-investment in Nordic Aqua Ningbo, a subsidiary of NOAP, with two reputable Chinese investor known as the “new investors”.
NOAP has agreed terms and conditions for the co-investment in Nordic Aqua Ningbo, a subsidiary of NOAP, with two “recognised Chinese investors”.
The “new investors” will inject RMB 300 million (about €36m or £31m) cash into Nordic Aqua Ningbo, giving an ownership share of 20%.
The valuation corresponds to a pre-money valuation of Nordic Aqua Ningbo of RMB 1.2 billion corresponding to about NOK 1.7 billion (£1.46bn).
Ragnar Joensen, CEO of NOAP, said: "This marks a major strategic milestone for Nordic Aqua. Our long-standing collaboration with the Chinese institutions goes back to the very beginning of Nordic Aqua Ningbo. The introduction of two respected entities as strategic minority partners represents a natural evolution of that cooperation.”
He added: “It not only secures equity but also enhances our ability to scale sustainably - strategically, operationally, and commercially - to deliver high-quality Atlantic salmon for the Chinese market.”
NOAP said the co-investment into Nordic Aqua Ningbo, supporting the planned expansion towards 20,000 tons a year of annual capacity, will strengthen local production of high-quality Atlantic salmon for the Chinese market.
“This will contribute to safe and sustainable food production while also creating potential synergies across the aquaculture value chain in Zhejiang province and beyond," said Joensen.
Nordic Aqua Partners A/S was founded in November 2016 and listed on Oslo Stock Exchange/EURONEXT Growth four years later under the ticker “NOAP”.
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