Sale of Selonda and Nireus fish farming companies by mid-May

The agreements for the sale of the Selonda and Nireus fish farming companies are expected to be signed by creditor banks and preferred bidder Amerra Capital Management by May 15. It has yet to be announced that the US fund is the preferred bidder.

Yesterday the banks that control the two aquaculture firms sent Amerra the final text of the agreements so that the necessary notes and corrections can be made in the coming days.

Sources close to the tender process do not expect any further deviation from the timetable that had originally provided for the transaction agreements to be signed at the end of April. It is possible, however, that the final price will be different, based on the value of the two assets at the time when the new owner is handed the keys. This is provided by the tender terms, as due to the nature of the companies a significant amount of their assets – the fish population – is not fixed.

Kathimerini understands that at least one of the two companies will see a decline in its assets’ values; this is not necessarily positive for the buyer, sources have explained to Kathimerini, as the fund would prefer the companies to be in the best possible state when it lands them, so it can make the necessary investments in them and steer them to growth as quickly as possible.

Yesterday Selonda announced its 2017 financial results, showing a 4.7 percent increase in turnover year-on-year, and net losses of 4.64 million euros.