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Danes show faith in Norcod

Cod Economics +3 more

Norwegian cod-farming venture Norcod has announced that major shareholder, Danish wealth management and investment company Artha, has boosted its equity position in the company with the acquisition of 800,000 shares.

The shares have been acquired from former major shareholder, Orkanger-based seafood producer Isfjord Norway AS. Isfjord Norway has sold all of its 1,317,932 shares in Norcod at NOK 92.50 per share in a private placement carried out by Sparebank 1 Markets.

The transaction further cements Artha’s objective to maintain a leading role in the development of Norcod as the world’s first producer of high-quality farmed cod on an industrial scale. Now well into its establishment phase, with an integrated value chain and various sea sites in production, and a strong focus on responsible farming and fish welfare, Norcod aims to become a leading supplier of fresh farmed cod to global markets hungry for new sources of healthy protein.

“Our purchase of Isfjord Norway’s shares represents a superior investment and reflects our strong confidence in Norcod’s vision and business model, its sustainability credentials and future robust performance in terms of returns,” said Artha managing director and cofounder Jan Severin Sølbæk.

“The interest shown by Artha is very encouraging especially as we look forward to generating income from our first commercial harvest in a few months’ time. In fact, we’re delighted with the trust being shown by all our existing shareholders. We’re on track following carefully laid plans with a great team in place who are doing a fantastic job,” said Norcod CEO Christian Riber.