Mitsubishi disclosure highlights Cermaq financing steps for Grieg salmon operations.
Mitsubishi Corporation said three Cermaq holding companies will become so-called “specified subsidiaries” after capital injections linked to Cermaq’s planned acquisition of salmon farming assets from Grieg Seafood.
Mitsubishi said Cermaq Group AS, which it owns outright, resolved on 19 December to increase the capital of Cermaq Holding AS, Cermaq Norway Holding AS and CQ Canada Holding Ltd. The funds are intended to support the purchase of three Grieg Seafood farming operations in Northern Norway and on the east and west coasts of Canada.
Following the capital increases, Mitsubishi said the three entities will each exceed one tenth of the parent company’s capital and therefore qualify as specified subsidiaries under Japanese disclosure rules.
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Capital increases
Mitsubishi said Cermaq Holding AS, based in Oslo, now has capital of NOK 4,161 million ($408 million/€349 million). The company is a holding vehicle for aquaculture investments and is fully owned by Cermaq Group AS. On an unconsolidated basis, it reported no operating revenues and net assets of NOK 191 million ($19 million/ €16 million) for the year ended March 2025.
Cermaq Norway Holding AS, based in Steigen in northern Norway, has capital of NOK 2,615 million ($256 million/ €220 million). The company reported net assets of NOK 11,747 million ($1.1 billion / €987 million) and revenues of NOK 6.5 million in the year ended March 2025, on an unconsolidated basis.
CQ Canada Holding Ltd, established in October 2025 and based in Vancouver, has capital of CAD 209 million, which Mitsubishi said is equivalent to about NOK 1,514 million ($148 million / €127 million). The company is fully owned by Cermaq Holding AS and serves as a holding vehicle for aquaculture investments in Canada.
Limited earnings impact
Mitsubishi said the changes are expected to have no material impact on the group’s financial results for the financial year ending 31 March 2026.
The disclosure follows Cermaq’s agreement to acquire Grieg Seafood’s salmon farming operations in Northern Norway and Canada, a transaction that significantly expands Cermaq’s farming footprint in key Atlantic salmon regions.
