Salmones Austral cancels its registration for an initial public offering

Panoramic view of a salmon farm in Chiloe, in the Dalcahue channel, Quinchao island, Chile
Panoramic view of a salmon farm in Chiloe, in the Dalcahue channel, Quinchao island, Chile

The company will resume the process in 2023

The board of directors of Salmones Austral has decided to voluntarily cancel the registration of the company and its shares in the Securities Registry of the Commission for the Financial Market (CMF). The company expects to restart the OPI process in 2023.

The reason for this is that it will not be possible to meet the legal deadline to materialize the process next October. Besides, the board decided to nullify the capital increase of $47.7 million (€47 million) divided into 250 million registered shares.

Regarding this, Christian Samsing, Vice President of Salmones Austral, said: "Although we will not carry out the capital increase, this does not mean that we will pause our plans. On the contrary, we have decided to continue with our investment program and productive improvements."

In addition, he noted: "The prospects for the salmon industry are promising in the short and medium term. In fact, we expect to end 2022 with positive results, thanks to the reactivation of the Horeca channels -hotels, restaurants and catering- and the rise in the price of salmon."

On next 30th of August, an extraordinary meeting will be held so the shareholders can vote on both issues. Moreover, to discuss the modifications of the corporate bylaws to fulfill the requirements of the Commission for the Financial Market.

About Salmones Austral

Salmones Austral was created in 2013 after the merger of Trusal and Pacific Star. Now, it has more than 1,600 workers who operate in two processing plants and 33 freshwater farming centers and seawater, distributed in the regions of Biobío, La Araucanía, Los Lagos, and Aysén.

Its annual production fluctuates between 45,000 and 55,000 tons and has the potential capacity to reach 80,000 tons. Of its annual production, 65% corresponds to Atlantic salmon and the remaining 35% corresponds to coho salmon.

Salmones Austral exports to 30 countries. The United States and Asia are the main markets for Atlantic salmon, while Japan is the primary destination for coho.

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