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Russian salmon firm raises £12 million

Atlantic Salmon Trout +2 more

Russian Aquaculture has raised RUB 1 billion (£12.7 million) in order to help it achieve its aims to increase its salmon and trout production to over 25,000 tonnes a year.

Russia’s largest aquaculture company - which produces salmon and trout in Russia, as well as smolt in Norway - raised the money via the placement of 8,338,998 shares. The company’s largest shareholder, Maxim Vorobyov, expressed support for the strategy by participating in the offering by open subscription, and now owns 41,391,833 shares (47.1 percent of the company's expanded share capital).

Commenting on the results of the offering, Russian Aquaculture CEO Ilya Sosnov said: “The SPO has raised funds to support the growth of the business and achieve a number of our strategic goals.

“We see great potential for the development of both the sector as a whole and Russian Aquaculture as a company in particular. The company is interested in diversifying and expanding its sources of funding, including by attracting additional investors in future.

“I would like to welcome the company’s new shareholders. Our team is extremely optimistic about the future of the company and is fully focused on achieving all of our strategic goals.”