During 2017, Salmones Camanchaca had 18 active harvest sites spread across region X and XI in Chile, which is expected to increase to 24 during the next years when sites previously leased out are returned to the Company. This opportunity to stock fish in the previously leased out sites provides the Company with a unique growth position under the new Chilean regulatory regime without increasing the overall Chilean production. Based on biomass already swimming, the Company expects to harvest approximately 53,800 tons wfe (including share of Trout JV) in 2018. The Company is running operations at two primary processing plants and one value added plant, all three of which are located in close proximity to harvesting sites and main transport hubs. After identifying several attractive investment opportunities across the value chain, an investment plan has been initiated which includes expansion of the RAS hatchery, investments in new sea farming sites and larger farming cages, and improvement of capacity and efficiency in two of the Company's processing plants.
Salmones Camanchaca was one of the founding members of Global Salmon Initiative in 2012, and has a strong focus on sustainability and transparency as described in its third Sustainability Report, published in mid-2017. It was the first salmon farmer globally to be awarded three Best Aquaculture Practices ("BAP") stars, and has four stars today. Currently, the Company is a wholly-owned subsidiary of Compañía Pesquera Camanchaca S.A., a Chilean publicly held corporation listed on the Santiago Stock Exchange. The majority shareholder in the parent company is the Fernández family, which has successfully built and developed the company over the last three decades.
Company Highlights
- Track record of low cost producer in Chile
- Premium site locations with geographic diversification and good biological performance
- Uniquely positioned for growth under the new and stricter regulations in Chile
- Strongly committed to sustainability and transparency, ranked as the 4th most transparent salmon farming company globally
Ricardo García Holtz, Chairman of the Board of Salmones Camanchaca, commented:
"This IPO is a major step forward for Salmones Camanchaca and its commitment to effectively and efficiently exploit its capabilities and growth opportunities, to continue to be a leading sustainable salmon farmer in the global markets, for the benefit of consumers, business partners, employees and shareholders."
Offering Highlights
The IPO will comprise a public offering of common shares in Chile and its corresponding Depository Receipts in Norway, and a private placement to institutional and other professional investors internationally subject to applicable exemptions from prospectus and other filing requirements. The holding company, Compañìa Pesquera Camanchaca S.A., intends to reduce its ownership in the Company through a secondary sale of shares in the contemplated IPO, but will remain a significant shareholder, owning between ~67-70% of the Company after the IPO. In addition to the secondary sale, the Company is aiming to conduct an offering of new shares of approximately USD 50-55 million in order to finance the organic growth opportunities described above.
Completion of the listing of Depositary Receipts on the Oslo Stock Exchange is subject to receiving the relevant approvals from Oslo Stock Exchange and the Norwegian Financial Supervisory Authority, as well as prevailing equity capital market conditions.