HB Grandi’s shareholders approved a proposal by the board of directors to change the company’s name to Brim, as well as too acquire sales companies Icelandic Japan KK, Icelandic Hong Kong Ltd .and Icelandic China Trading Co. Ltd., for US$34,9 million.
According to a statement from the company, the purchase is intended to strengthen sales and marketing operations, particularly in Asia. The price will be paid by issuing new shares in the company. A total of 133.751.606 shares will be issued or an increase of 7.3%. After the transaction, Útgerðarfélag Reykjavíkur will hold a total of around 42% of shares in the company.
The company has now officially become Brim.
Pension fund Gildi has sold its holding in Brim following the change in name and the acquisition of the Asian sales operations, having already announced that it would vote at the shareholders’ meeting against the proposal to purchase the sales operations from Útgerðarfélag Reykjavíkur.
Gildi’s holding in Brim has been acquired by FISK-Seafood.
According to Gildi, trading between linked entities has to be clear of any doubts, and the fund’s position has been that the purchase of the sales operations from Útgerðarfélag Reykjavíkur was neither necessary nor in the interests of HB Grandi – as it was then.
