A new industry grouping holding a substantial share of Icelandic quotas is set to appear as the boards of two major fishing operators have agreed on a merger – and to float the new company on the stock market.
Westman Islands fishing company Ísfélag Vestmannaeyja hf and Rammi hf, based in the northern port of Siglufjörður but also with activities in Thorlákshöfn on the south coast have agreed in principle on a merger.
The resulting entity is expected to be Ísfelagið hf, with current Ísfélag managing director Stefán Friðriksson in overall charge of the group, while Rammi managing director Ólafur Marteinsson becomes deputy MD, remaining based in Siglufjörður.
According to a statement, the new company is expected to hold around 8% of Icelandic quotas – although industry commentators have commented that going by the Directorate of Fisheries figures for last year, the new companies between them are likely to hold more than the legal maximum of 12% of allocated quotas.
Ísfélag Vestmannaeyja currently operates four pelagic vessels, two groundfish vessels and one line boat, and the company runs groundfish processing and fishmeal production in the Westman Islands and Thorshöfn.
Rammi operates four fishing vessels from Siglufjörður and Thorlákshöfn, including factory trawler Sólberg, and runs groundfish processing in Thorlákshöfn and shrimp processing in Siglufjörður, as well as subsidiaries biotech company Primex Iceland and UK sales company Arctic Seafood Ltd.
The merger remains subject to approval by the Icelandic monopoly authority and shareholders of both companies.
