Jerzy Malek cashes in €20 million from Arctic Fish share issue

Aslak Berge

Big win for Morpol founder.

On Monday morning, the Icelandic salmon farmer Arctic Fish reported that it had raised EUR 60 million in a share issue. A third of the amount ended in the pockets of the salmon farmer’s second-largest shareholder, Polish national Jerzy Malek, via his company Bremesco Holding.

Malek is well known in the salmon industry for having built up and sold the two Polish processing giants Morpol and Milarex. Some of the funds from here he spent on buying into Arctic Fish, and now he has reaped some of its rewards.

The share issue attracted “strong interest from Norwegian, Icelandic, Nordic and international high-quality institutional investors and was repeatedly oversubscribed,” reported facilitators DNB Markets and Pareto Securities.

Following the issue, NRS will own 51.3 per-cent of the company, while Bremesco Holding will own 26.2 per-cent.

Arctic Fish CEO Stein Ove Tveiten said he was pleased with the transaction.

“The company intends to continue to invest and build up profitable and sustainable operations, where the farming is in harmony with the environment and society. We are very pleased with a successful private placement and this will secure the funding of the growth and further development of our value chain,” said Tveiten.

Arctic Fish will now be listed on the Oslo Stock Exchange.