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HB Grandi buys Asian trading firms

The seller of the firms will have a participation of over 42% in HB Grandi.

Icelandic fishing giant HB Grandi on Friday officially signed an agreement to buy trading companies Icelandic Japan, Icelandic China, and Icelandic Hong Kong from shareholder Utgerdarfelag Reykjavikur through the transfer of €31.1 million ($35 million) worth of shares.

Utgerdarfelag Reykjavikur, which currently has a 37.96 percent stake in HB Grandi, will increase its ownership to 42.31 percent following the transaction.

The acquired companies have operated in Asia since 1989, last year, they sold a combined volume of 38,000 metric tons of seafood in these markets.

The total earnings before interest, taxes, depreciation and amortization (EBITDA) was €4.3 million ($4.8 million) in 2018, on sales of €146 million ($164.2 million).

Kristjan Davidsson, chairman to the board of HB Grandi, told IntraFish the company plans to increase its position considerably in the Asian market with this transaction.

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