Solo seafood ehf. produces seafood. The company is based in Reykjavik, Iceland. As of September 16, 2018, Solo seafood ehf. operates as a subsidiary of Iceland Seafood International hf.
Sept.2018 - ISI recently announced the Shareholders approval of granting the Board authorization to issue shares in relation to the acquisition of Solo Seafood ehf. Today, the Board with the reference to this authority, increased the share capital by 1,024,977,425. At the same time the board approved to enter into an amendment to the share purchase agreement dated 31 July 2018 which will see the company acquire Solo Seafood ehf for a consideration which consists of the 1,025m issued shares (which are traded at 7,92 ISK per share at close of trading 14th September 2018) and a cash payment of €478k. The former shareholders of Solo Seafood have agreed that they will not sell, transfer or assign part of their shares in ISI for a period of 12 months, this applies to 83% of the 1,025m shares related to the transaction.
Solo Seafood is a company owned by Sjávarsýn, FISK Seafood, Jakob Valgeir and Nesfiskur and Icelandic Iberica‘s Managing Director, Hjörleifur Ásgeirsson. The three mentioned seafood companies (FISK, Jakob Valgeir and Nesfiskur) hold a significant percentage of the national fishing quotas in Iceland. The combined vendor group will become long-term shareholders and suppliers of ISI.
Icelandic Iberica is one of the leading seafood companies in the South European market with turnover of €120m and pre-tax profits in excess of €4 million with a projected 2018 full year outturn of more than €4.7M at pre-tax level (excluding finance costs in the parent company Solo of c.a. €0.2m). With its extensive product range including cod (bacalao), Argentinian shrimp, cuttlefish and hake and processing capacity in Spain and Argentina, Icelandic Iberica, who over the last twenty years has pioneered the marketing of light salted Icelandic cod in Southern Europe, has seen strong growth in sales and profit in the last few years.