Havyard Group to sell stake in MMC First Process

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Havyard Group signs a Head of Terms (“HoT”) for the sale of its 75% shareholding in MMC First Process to a consortium composed of First Process Holding and Credo Partners.

In a financial statement posted on Monday morning, as part of the transaction, Havyard Group will purchase from MMC First Process its 77% shareholding in MMC Green Technology.

MMC First Process is a company delivering solutions for handling and cooling of seafood onboard fishing vessels, live fish carriers and on-shore plants. MMC Green Technology is a company focusing on environmental protective solutions for the maritime industry.

The transaction is based on a valuation of MMCFP that, upon completion, is expected to provide a significant effect on the company’s booked equity, and will also free up a substantial amount of liquidity for the company.

In March, Havyard lost more than a third of its value after EUR 10 million negative accounting effect.

The company and the buyers will provide updates on the terms and the effects of the transaction upon signing of the SPA, which at the latest will be signed by the 15th of June.

The transaction remains subject to execution of share purchase agreements and buyers customary due diligence. Fearnley Securities is acting as financial advisor to the Havyard in connection with the transaction and has been engaged to assist the company in its effort to implement a sustainable long-term capital structure.

Havyard is a major supplier to the aquaculture industry and currently is equiping Sølvtrans’s new wellboat, the largest ever made, the “Ronja Storm”.