Morpol initiates process to divest its Seabass and Seabream operations in Spain

April 15, 2011 10:04

Morpol has previously announced that its seabass and seabream (Culmarex) operations in Spain are held for sale pending a strategic review of the operations by the management, reports www.megafishnet.com with reports www.megafishnet.com with reference to Morpol.

These activities were purchased as part of the Marine Farms acquisition in the last quarter of 2010. Culmarex has an excellent position within the seabass and bream industry and has been one of the top performing companies over many years. Currently the markets and price levels for seabream are improving strongly. However, following the strategic review, the assets are confirmed as non-core to Morpol main activities and the Board has authorised a divesture process to start with immediate effect. ABG Sundal Collier is appointed as financial advisor in the process. For further information, please contact: Steven Rafferty, Chief Financial Officer, phone +47 97 66 41 04

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