Grieg family owned Japanese land-based salmon farm plans listing

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Proximar Seafood plans to produce land-based salmon at the foot of the iconic Mount Fuji in Japan. Now the largest owner of Proximar Seafood, the Grieg family, has announced that the company may be listed on the Oslo Stock Exchanges’ Merkur Market during the autumn.

SalmonBusiness has reported on Proximar Seafood several times, most recently at the end of July, when co-founder and CEO Joachim Nielsen stated that they were ready to start construction of the facility.

The site, which will be located at the foot of Mount Fuji, Japan, will produce 5,300-tonnes of salmon in the first phase. From 2024, the plan is to expand by another 21,000 tonnes. According to Nielsen, the facility will cost around EUR 93 million. In July, Nielsen said the company was working with Japanese banks to secure financing.

The largest owner in Proximar Seafood is Per Grieg Jr. and his family with 31 per-cent. According to Grieg Jr., Proximar Seafood is likely to be listed at Oslo Stock Exchanges’ marketplace Merkur Market during the autumn.

“I have long been watching land-based salmon production. At Grieg Seafood we have placed great emphasis on post-smolt, where we produce the larger fish on land before we put them into the sea. If you are going to produce the whole fish on land, I believe that it must be done near the market, which Proximar does. We save NOK 25-30 (EUR 2.2 to EUR 2.7 .ed) a kilo compared to farming salmon in Norway,” Grieg Jr. told the publication Dagens Næringsliv.

Joachim Nielsen told the newspaper that they expect construction to start this year, with the first harvest in around three years.