Norway’s richest man has increased his shareholding in Mowi.
John Fredriksen, Norway’s richest man, has increased his stake in salmon farming group Mowi ASA, bringing his family’s exposure in the company to 15.77 per cent of share capital — the highest level in several years.
According to a stock exchange announcement on Tuesday, Geveran Trading, Fredriksen’s investment vehicle, acquired 75,000 shares in the Bergen-based salmon producer, lifting its direct shareholding to 15.00 per cent. Geveran now holds a total of 77,568,926 shares. In addition, the firm maintains a total return swap agreement for a further 4 million shares, taking the family’s overall financial exposure to 15.77 per cent of the company.
The move marks the first time the Fredriksen family has held a 15 per cent stake in Mowi since 2019. Fredriksen’s exposure to Mowi peaked at 17.3 per cent in 2018, according to Holdings.
The latest increase in ownership comes amid a challenging period for the aquaculture sector, with Norwegian salmon producers facing regulatory headwinds and global market volatility. Mowi shares were little changed on Tuesday and are down 1.6 per cent year-to-date. Over the past 12 months, the stock has fallen 3.4 per cent.
Mowi, the world’s largest producer of farmed Atlantic salmon, is listed on the Oslo Stock Exchange and also trades on the London Stock Exchange under the ticker GB:0OAW. The company has a market capitalisation of approximately NOK 99.44 billion ($9.55 billion/€8.55 billion).
The most recent analyst consensus rates Mowi as a Hold, with a price target of NOK 190.00 ($18.24/€16.34).