Oslo Stock Exchange, Norway. (Photo: Valui/CC BY-SA 3.0)

Camanchaca awaits prompt approval to list on the Oslo Stock Exchange

CHILE
Wednesday, January 24, 2018, 23:10 (GMT + 9)

Camanchaca Fishing Company announced that it expects that by January 26, it will receive approval of its application to list its subsidiary Salmones Camanchaca on the Oslo Stock Exchange (OSE). In this way, it will become the first Chilean firm to be listed on the Norwegian stock exchange.

The company estimates a range of value for each share between NOK 38.5 and NOK 48 (CLP 2,972 - 3,754). This price range considers a Salmon Camanchaca value, before the capital increase, between USD 280 million and USD 350 million.

Similarly, Salmones Camanchaca expects to achieve a successful placement of shares in the Santiago Stock Exchange, in the Initial Public Offering (IPO) that it expects to launch on February 2. Investors in Norway may participate in this offer through certificates of deposit (NDR) on the Oslo Stock Exchange.

The company aims to raise funds between USD 45-57 million through an offer of up to 9,181,992 newly issued shares.

Additionally, Compañía Pesquera Camanchaca S.A. aims to reduce its stake in Salmones Camanchaca through the sale of shares of its property (secondary shares), for which it will offer up to 12,598,008 shares. With this transaction it will remain as a controlling shareholder, with a minimum of 67 percent ownership of the company.

The total amount of the offer will be subject to the number of shares actually placed, in a combination of new shares and secondary shares. In the event that the offering is made at the value equivalent to the midpoint of the range indicated above, the amount raised would be approximately USD 121 million.

"We are a company that competes in dozens of countries and we want to do it in equal conditions," said the general manager of Camanchaca, Ricardo García, referring to the listing in Norway.

"The world leaders of the salmon industry are in the capital market of Oslo, the most liquid and sophisticated for this sector; we want to have those capabilities as well," he added.

During 2017, Salmones Camanchaca operated 18 active farming centers in Chile, distributed between the X and XI regions, and expects that number to increase to 24 during the next years, when it uses previously leased farming centers that will be returned to the company. This opportunity to use previously leased centers gives it a unique growth position under the new Chilean regulatory regime, all without increasing Chilean aggregate production.

Related articles:

-After Camanchaca, DNB aims to perform further Chilean salmon firms' listings in Norway
-Other salmon companies could follow Camanchaca and open to Oslo Stock Exchange
-Camanchaca negotiates and 'polishes' USD 165 million refinancing proposal  

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