COO buys shares in Atlantic Sapphire

News
3740

Another insider buys stocks in the land-based fish farmer.

Dharma Rajeswaran, Chief Operating Officer in Miami-based Atlantic Sapphire, bought 1,000 shares in Atlantic Sapphire on Wednesday, September 27th.

The trade was done at a price of NOK 255 (USD 32.15) per share.

Rajeswaran did not own shares in the company before, Atlantic Sapphire wrote in a stock exchange announcement.

The insider purchase follows the day after Thue Holm, Technical Director of Atlantic Sapphire, bought 10,000 shares in the company.

Atlantic Sapphire currently operates land-based salmon farming in Hvide Sande, Denmark, through the company Langsand Laks. Based on the experience from Denmark, Atlantic Sapphire now is building a new and significantly larger fish farm in Miami, Florida.

Initially, they will design the plant for the production of up to 10,000 tonnes of salmon. This first phase will cost the company USD 120m.

But if everything goes according to plan, they will eventually upscale the operation. 90,000 tonnes a year is the target. It will cost a lot more.

At the end of June, Atlantic Sapphire raised USD 70m in equity, giving an equity valuation at USD 152m. In addition, the company landed a loan agreement with DNB of USD 60m.