Aker Seafoods acquires remaining shares in Spanish harvesting company

The Spanish harvesting company Pesquera Ancora becomes a wholly owned subsidiary after Aker Seafoods recquired the remaining 40 percent share of the company. The acquisition is in accordance with the option contract entered into in 2007, reports www.megafishnet.com with reference to Aker Seafoods.

Aker Seafoods is paying a total of EURO 7 million for the remaining shares. The amount includes purchasing price in accordance with the option contract, interests, and payment of various outstanding issues between Aker Seafoods and the seller.

- Pesquera Ancora has fishing rights and cod quotas in the Barents Sea and in Canadian waters. Quotas have increased both in the Barents Sea and in Canadian waters after Aker Seafoods made its investment in 2007. Aker Seafoods will continue to optimize operations in the Spanish harvesting company in accordance with the company's business plans of cultivating the business and increase company profits that we have been focusing on throughout 2010, says Aker Seafoods CEO Liv Monica Stubholt.

Since 2007, the company cod quotas in the Barents Sea have increased by 30 percent, totalling approximately 3 100 tonnes in 2010. Cod quotas in the Barents Sea is expected to further increase in 2011. The cod biomass in Canadian waters is also increasing and this year's quota of 180 metric tonnes is expected to increase in 2011.

Pesquera Ancora's two Spanish trawlers have harvested about two-thirds of their 2010 quotas and will end this year's season with a last delivery in Vigo, Spain in August. As for the rest of the fleet, the harvesting season has been good and the company's product prices has increased from 20 to 30 percent from 2009.