New Zealand King Salmon planning a $200m float: AFR
New Zealand King Salmon, the country's largest salmon farmer, has confirmed it is "reviewing capital options."
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New Zealand King Salmon has confirmed it is "reviewing capital options."
It was responding to a report in the Australian Financial Review that Direct Capital is preparing New Zealand King Salmon for a float valuing the company at about $200 million.
The company plans a dual listing on the Australian and New Zealand stock exchanges.
The salmon farmer is targeting annual sales of about $115 million and earnings before interest, tax, depreciation and amortisation (ebitda) of close to $15 million, the paper reports.
Merchant banker Credit Suisse and its New Zealand affiliate, First NZ Capital, have already begun sounding out investor interest, it says.
"New Zealand King Salmon is reviewing capital options to support its ongoing growth opportunities and the development of its three new farms in the Marlborough Sounds consented in 2014," chief executive Grant Rosewarne said in a statement.
"No decisions have yet been made and the company will be making no further comment at this stage," Mr Rosewarne said.
New Zealand King Salmon is the country’s largest salmon farmer and is planning to open the first two of three new farms in the Marlborough Sounds next week.
The company already operates other salmon farms in the Marlborough Sounds.
Direct Capital bought New Zealand King Salmon in 2008.
King salmon, also called Chinook, is a premium species and, unlike the most commonly farmed species, Atlantic salmon, is produced in New Zealand without using the record levels of antibiotics used in Chile and, to a lesser extent, in Norway.
New Zealand’s aquaculture industry is aiming to reach $1 billion in annual revenue by 2025 - salmon farming is currently worth about half that.
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Jenny Ruth
Thu, 07 Jul 2016
Thu, 07 Jul 2016
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New Zealand King Salmon planning a $200m float: AFR
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