July 9, 2018 / 10:47 PM / 8 months ago

Chilean salmon producer AquaChile to raise $340 mln, list in Norway

SANTIAGO, July 9 (Reuters) - Chilean salmon company AquaChile has announced a plan to issue $340 million worth of shares on the Norwegian stock market to finance investment and acquisition goals, the company said in a Monday filing. The latest plan, which replaces a plan approved previously by shareholders to raise $200 million, will be put to a vote at a meeting called for the end of this month.

Agustín Ugalde, the firm’s general manager, said he hoped the increased funds would enable AquaChile to cement its intention to buy Salmones Magallanes for $255 million, as well as to invest in the growing business and increase production.

At present AquaChile exports 110,000 tonnes of Atlantic and Pacific Salmon, trout and tilapia to 35 markets worldwide.

If shareholders approve the board’s proposal, AquaChile will become the second Chilean salmon company to be listed on the Oslo stock exchange after the recent entrance into that market of rival Salmones Camanchaca. (Reporting by Antonio de la Jara Writing by Aislinn Laing Editing by Chris Reese)

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