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Cermaq Sells Grain Silos in Stavanger

12 March 2014

NORWAY - Cermaq has entered into an agreement to sell its grain silos located in Stavanger habour to Felleskjøpet Agri.

The property was put up for sale as part of a joint sale with the adjacent property of Felleskjøpet Agri in central Stavanger. The sales will result in a profit in Cermaq’s accounts of approximately NOK of 40 million.

"We are pleased that there has been found a good solution for this property," said Cermaq’s project director Geir Sjaastad.

"Ceramq is a dedicated fish farming company, and the sale of the grain silos is in line with our strategy to divest non-core business. Operating a grain silo is not a natural task for an aquaculture company," continued Geir Sjaastad.

Cermaq has for many years divested its involvement in areas outside its core business of aquaculture. Sales of Cermaq’s property in Stavanger grain silo is part of this. The selling price is NOK 49.5 million.

The sale will be implemented 30 June 2014 and payment will be made at the same time. The transaction will be included in Cermaq's accounts for second quarter of 2014 and will provide a gain estimated to NOK 40 million.

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