Stolt Sea Farm, a division of Stolt-Nielsen Limited, became a shareholder in The Kingfish Company last month. Taking advantage of this agreement, WeAreAquaculture didn't want to miss the opportunity to know the impressions of both leading companies.
Stolt-Nielsen has invested EUR 7.5m in The Kingfish Company and underwritten a further EUR 2.5m of a subsequent rights issuance. The investment was ratified during The Kingfish Company's extraordinary general meeting of shareholders on October 14. The company confirms this is a "strong" signal that its large shareholders have participated.
Despite difficult market conditions, The Kingfish Company is raising €35 million through an equity raise. This is fully subscribed and guaranteed for all three tranches. With this and other available sources, our Phase 2 expansion project in the Netherlands in now fully financed.
According to the Yellowtail farming company, it has reached full capacity run-rate in phase 1 and it has started the production of fingerlings for the pre-stocking of Phase 2. Consequently, Phase 2 production will commence early first quarter of 2023.
Moreover, the significant volume increase is expected to result in material improvements to unit economics, building on an already strong basis where the company has achieved EBITDA break even in the Netherlands operations during the first half of 2022.
In exclusive words for WeAreAquaculture, CFO of The Kingfish Company, Jean-Charles Valette, says: "We welcome Stolt-Nielsen as a new shareholder. Given Stolt Sea Farm's expertise in the aquaculture sector, we are pleased that we have added them as a new partner. We are also very pleased to see the EUR 35 million equity raise fully subscribed. With this and other available sources, our Phase 2 expansion project in the Netherlands is now fully financed."
Finally, the President of Stolt Sea Farm, Jordi Trias, adds: "Stolt Sea Farm is pleased to make this investment in The Kingfish Company which, like us, is a leader in sustainable aquaculture."
