Måsøval Eiendom finds partner for Ice Fish Farm
NORWAY’S Måsøval Eiendom has entered into a strategic partnership with the family-owned Icelandic fishing company Ísfélag Vestmannaeyja to run Måsøval’s Iceland-based salmon operation, Ice Fish Farm.
A separate holding company, Austur, has been created to manage the joint ownership.
Last November, Fish Farmer reported that Måsøval, the main shareholder in Ice Fish Farm, was seeking a suitable partner for the business.
Norway-based Måsøval Eiendom said in a market statement: “To facilitate the transaction and the partnership, Måsøval Eiendom has established Austur Holding AS (“Austur”) for the sole purpose of holding shares in Ice Fish Farm.
“Austur will at closing of the agreement i) own all 51,361,866 shares in Ice Fish Farm, formerly held by Måsøval Eiendom, and ii) hold the shareholder loans provided by Måsøval Eiendom to Ice Fish Farm.”
Lars Måsøval, Chairman of Måsøval Eiendom, said: “Ísfélag Vestmannaeyja will broaden and strengthen the shareholder base of Ice Fish Farm and be a valuable stakeholder that we believe will contribute to our future success on the Icelandic east coast”.
Also last month, Ice Fish Farm reached a long-term agreement with four banks to secure a loan of ¼156.2m (£138m) to help take the business forward.
The new financing includes a ¼60m (£52.6m) term loan facility for the refinancing of certain existing indebtedness of the group, ¼20m (£17.5m) capex facility for financing of new equipment, upgrades to facilities, investments in barges, vessels and other assets, and up to ¼70m (£61.4m) as a revolving credit facility.