The board of directors at Santiago, Chile-based salmon-farming firm Salmones Camanchaca has unanimously decided to begin the process of de-listing from the Oslo Børs, the company reported in a 24 June statement.
According to the statement signed by Salmones Camanchaca CEO Manuel Arriagada, the company decided to stop trading its NDR share certificates because “currently, less than 2.9 percent of Salmones Camanchaca’s shares are held by NDR holders, and transactions of these certificates are virtually nonexistent.”
As such, the board said it could not justify the costs associated with a continued listing on the Oslo Stock Exchange.
However, the board confirmed that Salmones Camanchaca will remain a publicly traded corporation in Chile, with its shares continuing to be traded on the Santiago Stock Exchange. The company said it lacked information to estimate any financial effects the decision may have on the company’s assets, liabilities, or financial results and that it could not estimate any potential implications the move will have on share prices.
Salmones Camanchaca recently closed the first quarter of 2024 with a net loss of USD 1.3 million (EUR 1.2 million), compared to a net profit of USD 7.9 million (EUR 7.3 million) posted in the same period a year ago, as increased costs coupled with weak demand took a toll on the company’s bottom line.
The company's Q1 2024 top-line revenues inched up 3 percent year over year to USD 117 million (EUR 108 million), compared to the USD 114 million (EUR 105 million) brought in in Q1 2023, due to higher sales volumes of Atlantic and coho salmon.
Those sales volumes were slightly offset by the average price of Atlantic salmon falling by 13 percent in the period year over year to USD 6.76 (EUR 6.22) per kilogram whole-fish equivalent (WFE), while coho fell 27 percent to USD 4.75 (EUR 4.37) per kilo WFE.
