Murmansk fishing group FEST has been taken over by Norebo, one of the giants of the Russian fishing industry.
According to a statement by Norebo, the Russian federal act on procedures for foreign investments relating to businesses with strategic importance was amended in July 2021, aiming to strengthen state control over foreign investments in Russian fishing companies.
“In order to comply with the changes in foreign investments act within the time-frame as specified in the amendments, the owners of FEST group decided to sell shares in their fishing companies in Russia to Norebo,” a spokesperson for Norebo commented, adding that the price tag for the company remains confidential.
“The management of these companies will remain in Murmansk, where Norebo’s headquarters are located, and the companies will continue to operate as going concern.”
FEST operates around the world, and its products are marketed under the Eurofish and Rybnoe Menu brands.
It operates a number of Moonsund trawlers, plus Taurus, built in 2013, and the group currently has two new trawlers under construction at the Pella Shipyard under the state investment quotas initiative.
