Marine Harvest sells Cermaq shares, plans quarterly dividends

OSLO, June 26 Wed Jun 26, 2013 2:54am EDT

OSLO, June 26 (Reuters) - Norwegian fishing firm Marine Harvest has sold all its shares in smaller rival Cermaq at a profit and plans to reintroduce quarterly dividends, it said on Wednesday.

The sale of its over 5 million Cermaq shares at an average price of 105.6 crowns per share resulted in a total gain of 133.5 million Norwegian crowns ($21.8 million), the firm said.

"The increased financial flexibility created by the sale of the Cermaq shares, termination of the transaction and the current strong salmon prices is likely to lead to a reintroduction of a quarterly dividend payments commencing from Q2 reporting," Marine Harvest said in a statement.

($1 = 6.1218 Norwegian crowns) (Reporting by Victoria Klesty; Editing by Balazs Koranyi)