Posts Tagged ‘Bakkafrost’
Scottish Salmon Company secures £100m growth package
THE Scottish Salmon Company, recently acquired by the Faroese aquaculture group Bakkafrost, has secured a £100 million refinancing package to help move the business forward over the next five years. In a financial announcement last night it said: ‘The Scottish Salmon Company PLC is pleased to announce that its wholly owned subsidiary, the Scottish Salmon Company…
Read MoreScottish Salmon Company harvest rise
THE Scottish Salmon Company is on course to produce a healthy 10 per cent plus increase in its harvest volume for 2019. In a trading update by new owner Bakkafrost, the harvest output for the final quarter of the year is 7,900 tonnes gutted weight, an increase of around 900 tonnes on Q4 in 2018. The total for…
Read MoreAnderson leaves SSC in Bakkafrost shake-up
CRAIG Anderson, CEO of the Scottish Salmon Company for the past six years, is to stand down, following Bakkafrost’s recent purchase of the firm. He will be replaced by the managing director of the Faroese producer’s Havsbrun site, Odd Eliasen, effective immediately. Eliasen has broad experience in the fish farming industry and has been active…
Read MoreBakkafrost secures £296m in credit pledges
BAKKAFROST today announced it has secured two credit facilities for a total of up to 352 million euros (£296 million), partly to help finance its recent acquisition of the Scottish Salmon Company. The deal, which kicks in this month, comes in the form of a binding agreement between the Faroese salmon farmer and the lenders.…
Read MoreEveryone should own salmon shares says analyst
THE salmon farming sector can look forward to a better year in 2020, a leading Norwegian investment analyst has predicted. And Tore Tønseth, at Spare Bank 1 Markets, is also urging everyone to buy shares in salmon companies. In an interview with the Oslo business newspaper and website Finansavisen, he said the last few months…
Read MoreBakkafrost delivers strong Q3 results
FAROESE fish farmer Bakkafrost today announced strong third quarter results and some of the lowest mortality rates for many years. Harvested volumes rose by more than 5,000 tonnes to a total of 12,900 tonnes and the combined farming and VAP (value added products) segment saw its operational profit or EBIT rise from DKK 142.4 million…
Read MoreTartan Salmon drives exports to Japan
THE Scottish Salmon Company has secured a sushi deal with a leading Japanese chain, helping to increase the company’s exports to the region by 25 per cent in the past year. The SSC, recently acquired by Faroese salmon producer Bakkafrost, has supplied its Tartan Salmon to Genki Sushi, a Tokyo based restaurant group. Genki Sushi…
Read MoreBakkafrost wraps up SSC purchase
BAKKAFROST formally sealed its acquisition of the Scottish Salmon Company at the weekend. At an extraordinary general meeting in the Faroe Islands, shareholders authorised approval for the board to issue six million new shares to settle the outstanding debt. The vote was overwhelming with 99.1 per cent in favour and just 0.9 per cent against…
Read MoreBakkafrost buys larger stake in SSC
BAKKAFROST yesterday completed the acquisition of more shares in the Scottish Salmon Company, taking its holding to almost 78 per cent. The Faroese salmon farming company bought a 68.6 per cent controlling interest in the Edinburgh based business last month in a deal eventually worth a total of £517 million. CEO Regin Jacobsen later said…
Read MoreBakkafrost expecting large Q3 harvest increase
FAROESE salmon farmer Bakkafrost, which last week bought a controlling interest in the Scottish Salmon Company (SSC), is predicting significantly higher output for the third quarter of this year. In a trading update today, the company said harvest volumes for the three months between June and September will be 12,900 tonnes compared with 7,217 tonnes…
Read More