Brim hf. invests in Polar Seafood Denmark A/S

Brim hf. invests in Polar Seafood Denmark A/S
Brim hf. has entered in agreement to purchase shares in the Danish company Polar Seafood Denmark A/S from private companies held by Helge Nielsen, Bent Norman Petersen, and Louise Schov Petersen through a newly established Danish holding company owned 100% by Brim hf. The purchase price is 245 mDKK. Additionally, Brim hf. has subscribed for new shares in the company (PSD) for the sum of 380 mDKK. The total purchase price payable by Brim is thus 625 mDKK. Following completion of the transaction, the total ownership of Brim hf. in Polar Seafood Danmark will be 50% and the remaining shares in the company will be owned by Polar Seafood Greenland A/S. The agreement is subject to customary conditions for transactions of this kind, such as approval from the relevant authorities.

Polar Seafood Denmark A/S is a sales company, processor and exporter of high-quality wild seafood from the North Atlantic Ocean. The annual turnover in 2021 was 3,792 mDKK and profit after tax was 229 mDKK. Brim hf. is a listed company on Nasdaq Iceland. The company has integrated operations in fishing, processing and international marketing and sales in order to promote more efficient production and ensure an unrestricted pathway of the catch to the buyer. Following the sale of shares Helge Nielsen will retire as managing director of Polar Seafood Denmark A/S and Henrik Leth who has served as the chairman of the board, will replace him as the company´s managing director.

Henrik Leth, chairman of the board of Polar Seafood Denmark A/S:
“Brim is an ideal partner and I look forward to developing our cooperation. Polar Seafood has a strong sales network which will complement Brim´s established sales network, especially in South-East Asia. We are equal partners, and we share the same experience and values.”

Guðmundur Kristjánsson, CEO of Brim hf.:
“Polar Seafood Denmark A/S is a well know company with a long history in the sale of seafood from the North Atlantic Ocean. Its operations are solid, and the staff has extensive experience in serving the global seafood markets. Partnering with Polar Seafood Denmark is a positive development and will strengthen our sales network of seafood from the North Atlantic Ocean.”

For further information:
Henrik Leth, chairman of the board of Polar Seafood Greenland A/S og Polar Seafood Denmark A/S, Tlf.: +299 554350 / +45 2224 8258, email: leth@polarseafood.gl

Guðmundur Kristjánsson, CEO of Brim hf. Email: fjarfestatengsl@brim.is

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