HB GRANDI HEADS FOR STOCK MARKET
HB Grandi and its principal owners, Vogun hf., Arion Banki hf. and Fiskveiðahlutafélagið Venus hf., have reached an agreement to initiate preparations for listing the company’s shares on the Main Market of Nasdaq OMX Iceland hf. Trading in the company’s shares is already in place on Nasdaq OMX Iceland’s First North market, and the plan is to de-list from that forum as of the beginning of 2014. Preparations for listing on the Nasdaq OMX Iceland Main Market are about to commence, and Arion Banki’s Corporate Finance Department is to handle this preparatory work.
Prior to listing on the Main Market, the companies plan to offer up to 32% of HB Grandi’s shares for sale. The reason for the sale is to encourage a more distributed ownership and to make the shares a more attractive proposition, as trading on the First North forum has been limited. We hope that trading in the company’s shares on the Main Market might commence in the spring of next year.
Chairman of the Board of HB Grandi, Kristján Loftsson, commented:
“HB Grandi is one of the most solid fishing companies in Iceland, with 800 employees at sea and ashore. The company’s results have been good in recent years, and the focus has been on bolstering production in its land-based factories. The company has recently invested in two new pelagic vessels that will ensure better catch handling than the older vessels that they will replace were capable of. It is very satisfying to be able to offer a broader spectrum of investment in HB Grandi and the Icelandic fishing industry as a whole.”
Höskuldur H. Ólafsson, CEO of Arion banki hf.:
“We welcome the agreement to list HG Grandi on the Main Market. We feel it is important that this prominent fishing company should be on the market, and feel that it is an advantageous move for both the fishing industry and the development of the stock market in Iceland. We anticipate that both the general public and investors will show a keen interest.”