HB Grandi has agreed to purchase groundfish quotas equalling 1600 cod-equivalent tonnes at a price of ISK 3950 million (€29.55 million) from Hafnarnes VER in Thorlákshöfn.
Roughly half of the quotas purchases are cod, and the company has ensured its access to fish for production at its Vopnafjörður factory without reducing amounts of fish available to its other production facilities.
This takes HB Grandi’s quota holding from 43,800 to 45,400 cod-equivalent tonnes, or from 10.70% of overall quotas to 11.10%.
The acquisition makes it possible for Hafnarnes VER to pay off outstanding debts of the company that was established by acquiring quotas.
Attempts have been made to address the company debt problems, which escalated following the financial crash. The sale of its quota holdings was a necessary step in allowing it to continue trading, with its emphasis elsewhere.
