Morpol founder picks up 12.9pct stake in Norwegian biomarine firm Hofseth for NOK45M
Morpol founder Jerzy Malek has taken a 12.9% interest in Norwegian biomarine product manufacturer Hofseth Biocare through his subsidiary Codfarmers. The said stake was purchased at NOK45 million, according to Undercurrent News.
On Friday, the fish oil capsule producer announced that it had issued 20 million new shares via private placement at NOK4.5 apiece. Hofseth had raised a total of NOK90 million ($15.2 million) in this transaction. Half of those shares were acquired by Codfarmers, and the remaining half were taken by existing shareholders, the report detailed.
Hofseth chief executive officer (CEO) Jon Olav Odegard said of the deal: "We are honored to have Jerzy Malek on board as a new major shareholder in Hofseth Biocare and appreciate the experience and competence he represents as one of the leading entrepreneurs in the aquaculture industry. With the right competence and the financial platform in place, we are at the execution milestone of providing better margins to the Norwegian seafood industry by utilizing the whole fish and HBC is sustainable aquaculture to the core."
The Norwegian firm will use the proceeds of the sale for general corporate purposes. This will include marketing campaigns, shareholder loan conversion, and overdue trade payable repayment, Undercurrent News reported.