SUBSIDIARY OF PRFOODS BORROWS TO KICK-START SWEDISH FISH FARMING
Subsidiary of PRFoods borrows to kick-start Swedish fish farming. Överumans Fisk AB, a subsidiary of AS PRFoods, entered into loan agreements with Amber Trust II S.C.A., SICAR and Lindermann, Birnbaum & Kasela OÜ to borrow up to EUR 1,000,000 (up to EUR 500,000 from each lender). The repayment term of both loans is 31.12.2022 and the interest is 6.25% per annum.
The money is borrowed to support the start-up phase of Swedish fish farming and to boost company’s working capital at the same time. Fish will be farmed in Sweden’s largest and most environmentally friendly farm, using predominantly hydroelectric power or other renewable energy sources. The CO2 footprint of the fish farm is also about a third smaller than, for example, in RAS-type terrestrial farms.
The lenders are the shareholders of AS PRFoods and thus the related persons within the meaning of the “Requirements for Issuers” regulations of the Nasdaq Tallinn Stock Exchange.
AS PRFoods’ key market is Finland, where the company is amongst the three largest fish production companies. Since the acquisition of John Ross Jr. and Coln Valley Smokery in the summer of 2017, the Group has expanded its sales to 37 countries in Europe, North and South America, and Asia.
Main activity of the Group is fish manufacturing in four contemporary production buildings in Renko and Kokkola (Finland), in Saaremaa (Estonia), and in Aberdeen (Great Britain).
Their main products are salmon and rainbow trout products. Approximately 2/3 of the raw fish used in the Group’s rainbow trout production is harvested from the Group’s fish farms in Swedish lakes and Turku Archipelago area in Finland, assuring the highest quality and reliable deliveries.
Salmon is purchased mainly from Norway, Denmark, Sweden and also from Scotland. On a smaller scale European whitefish and Baltic herring are used in production. In addition, a notable volume of red caviar is made from fish harvested in the Group’s own fish farms.
The Group’s products are sold as leading brands in their respective operating markets and the primary focus is on higher added value premium products.