Management in Chile’s largest salmon producer, AquaChile, said they will summon shareholders and ask their approval to raise USD 200 million by listing on the Oslo Stock Exchange in 2018, it has been learned.
If it follows through this year, it’ll be the second Chilean salmon farmer in a year to list on the fish-focused exchange after Camanchaca did last month. In a note to securities officials, AquaChile management said the capital injection would be used to grow organically and by acquisition, Aqua reported.
As Camanchaca did in January, AquaChile expects to issue new shares in Santiago and in international markets to be registered and traded as depositary receipts on the Oslo Stock Exchange. Once fully subscribed, AquaChile will start trading in Santiago and Oslo.
“Our decision to list the company in Oslo is based on the opportunities that the Norwegian capital market offers us because of the high relevance of the seafood sector in that market, and because of its broad and sophisticated base of specialised investors and analysts,” said managing director, Agustín Ugalde.
“We have been analyzing this idea for quite some time, and we believe that it is the right moment to take this step.”
AquaChile expects to produce 110,000 tons of Atlantic salmon, Pacific salmon, trout and tilapia in 2018. After producing for 25 years, the company exports to 35 national markets.