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SalMar – Withdraws purchase of increased license capacity at fixed price

Written by Customer Service on . Posted in Public Companies.

Earlier this year, SalMar bought its relative share available for a fixed price for the capacity adjustment in the traffic light system. 1,223 MAB tonnes for a total consideration of NOK 244.6 million. SalMar has chosen to use the opportunity to terminate the purchase.

This is due to the resource rent tax the Government has now announced. The proposals involve, among other things, that the state acquires 40 per cent of all cash flows in the company, and that the other owners’ share is correspondingly reduced. This is expressed by the total tax for aquaculture companies in Norway increasing from 22 to 62 per cent. If the proposals were to be adopted, there would be major consequences for the company’s investment decisions and capital allocation going forward.

This has created a situation which means that the company does not find it justifiable to pay the aforementioned remuneration. The government’s surprising proposal, without waiting for the recommendation from the government-appointed tax committee, has also led to an unpredictability on the part of the authorities which reinforces the need for a closer evaluation of the company’s future investment strategies.

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act

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