Name change and ambitions for Ice Fish Farm
The Icelandic salmon farmer Ice Fish Farm has changed its name – and its shares can now be traded on Iceland’s market for aspiring companies.
The development marks a significant step-up for the business, which is backed by the Norwegian salmon company Måsøval.
The company, which has a market value of 44 billion Icelandic kroner (£250 million) will now be officially known on the Icelandic stock market as “Kaldvík AS”. The company’s affiliated shares will trade on the Nasdaq First North Growth Market in Reykjavik, appearing as KLDVK. It is already listed on Oslo’s Euronext Growth market.
The Ice Fish Farm move follows in the footsteps of Arnarlax, another Icelandic fish farmer, which was listed on the Icelandic First North market eight months ago. This market is often seen as a stepping stone for companies aspiring to list on the main stock exchange.
At the Capital Markets Day ceremony, Kaldvík chairman Asle Rønning spoke of the growth of the business in recent years from a small operation. He said when the business launched in 2016 it had just 30 to 40 employees. Today it now has a staff close to 200 “in our fantastic team”, he said.
Asle Rønning
Ice Fish Farm, which has a near 44,000 tonnes maximum allowable biomass, and a underwent refinancing with a major equity increase last year.
The chairman said the company was proud to be involved in salmon farming even though some people were saying those taking part in the industry should be ashamed.
While the industry needed to continue to improve on welfare, Rønning was proud of the industry reminding his audience that salmon aquaculture produced far less CO2 gases than pig or chicken farming, and it was also generating sustainable jobs in Iceland’s rural areas.
Guðmundur Gíslason, CEO of Kaldvík, said the company’s registration in Iceland was a logical and natural development, given all that was happening in the country.
He had earlier explained the thinking behind the listing move: “As the operations of Ice Fish Farms take place exclusively in Iceland, a dual listing on First North Iceland is a natural and logical next step for the Company. Since listing on Euronext Growth Oslo in 2020, we have significantly grown the business and become the leading aquaculture entity in the east fjords of Iceland. Combined with the fact that we have experienced an increased interest in Ice Fish Farm by Icelandic investors, and a significant part of the Company ‘s shares are currently held by Icelandic investors, we believe now is the right time to pursue a dual listing.”
