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AquaChile is intending to list on the Oslo stock exchange. Photo: Wikimedia Commons
AquaChile is intending to list on the Oslo stock exchange. Photo: Wikimedia Commons

Shareholders in fish farmer AquaChile have unanimously approved moves that will allow the South American company to continue with the process to be listed on the Oslo Stock Exchange.

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At the extraordinary meeting, shareholders agreed to the raising of up to US $200 million in capital that will allow financing of the company’s investment plan, and business opportunities, mergers and acquisitions that are presented in the industry.

AquaChile plans to complement the offer of new first issue shares with the placement of secondary shares, in order to achieve adequate levels of liquidity and presence in the Oslo Stock Exchange.

"Our decision to list the company in Oslo is based on the opportunities that the Norwegian capital market offers us because it is a stock market in which the seafood sector has a high relevance - it is a true global financial centre for our industry," said AquaChile’s finance manager, Francisco Lepeley.

Quality information

He highlighted the availability of sectoral analyses that exist in Norway, which allow the investment community to have timely and quality information for their investment decisions.

The format of the transaction considers the issuance of new shares, which would be offered in Chile and international markets in the form of depositary receipts registered in the Oslo Stock Exchange. After the execution of the transaction, the shares of AquaChile will be traded on the Santiago and Oslo exchanges, in the latter as deposit certificates.

AquaChile expects to produce 110,000 tonnes of Atlantic salmon, coho salmon, trout and tilapia this year. The company has more than 25 years of experience exporting its products to more than 35 markets.

In February, AquaChile reported that in 2017 it made earnings before interest, tax, depreciation and amortisation of US $142, and a net profit of $59m.

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