An offer from HB Grandi for the Asian sales arm run by Útgerðarfélag Reykjavíkur (formerly Brim) in Japan, Hong Kong and mainland China, plus the related service operation in Iceland, has been accepted.
HB Grandi expects to pay €31.10 million for the sales companies, subject to approval by the boards of both companies and HB Grandi’s shareholders – which includes Útgerðarfélag Reykjavíkur.
As the purchase would be paid with an increased shareholding, following the transaction Útgerðarfélag Reykjavíkur would have a 42.31% holding in HB Grandi.
The companies in question have handled sales of Icelandic seafood on Asian markers since 1989 and last year handled roughly 38,000 tonnes of seafood products with a turnover of €146 million.
According to the company the rational behind the purchase is to strengthen HB Grandi’s position in Iceland and on growing Asian markets.