Barramundi Group share offer raises NOK 1.35m

Earlier this summer, the financially troubled company had secured a refinancing deal with its creditors. Barramundi, which farms the fish of the same name in Singapore and Brunei, now hopes the latest equity raising exercise will put the group on a sound footing to further expand its Brunei operations to commercial scale.

The company says a total of 5,859,885 offer shares have been allocated to eligible shareholders.

Following completion of the private placement and the subsequent offering, the company’s share capital will be increased by SGD 3.9m (£2.24m) (inclusive of a debt to equity conversion) through the issuance of 135,032,761 new shares, each with a nominal value of SGD 0.90 / NOK 6.90 / £0.52 (approximate), resulting in a new total share capital of SGD 157.88m / NOK 1.211bn/ (£91m) (approximate) divided into 175,402,744 shares.

The Barramundi Group had experienced severe biological challenges in its Singapore operations, and sold up its Australian operations to Tassal, a Cooke subsidiary, in 2023 after finding it hard to finance growth in Australia.

The group is currently developing its Brunei operation, which it hopes will produce 1,000 tonnes annually, and it is also working on a vaccine for scale drop disease virus (SDDV) which had been a serious problem for its Singapore farm.