Want to limit foreign ownership of fire

The Progressive Party has proposed that foreign ownership of companies engaged in aquaculture in Iceland be limited to 25%. The goal is said to be to ensure that Icelandic society enjoys the benefits created by the business.

This is stated by Sigurður Ingi Jóhannsson, chairman of the Progressive Party in Adverse article in Morgunbladid today where he draws attention to a parliamentary resolution proposal that is before Parliament.

« In recent years, salmon farming in the sea has grown faster than most other industries in Iceland. This rapidly expanding industry utilizes our magnificent resources;

He points out that a large proportion of seafood companies in Iceland are owned by foreign parties. « Foreign investment is an important Icelandic society, but it must not be forgotten that control over resources and key infrastructure should be in the hands of the nation itself. »

The goal is also to ensure national control over key resources. « In doing so, we strengthen the autonomy of Icelanders on national economic activity, just as has been done in the fisheries sector for years.

Sigurður Ingi draws attention to the fact that legislation that would limit foreign ownership of farming companies are not unique and points to a similar arrangement in the Faroe Islands.

Different distribution of ownership

The three largest companies engaged in aquaculture on the Icelandic coast are Kaldvík in the East Fjords and Arnarlax and Arctic Fish in the West Fjords. The three companies are all listed on the stock exchange through Norwegian holding companies.

Kaldvík’s largest shareholder is East Holding AS, which holds a 55.29% share, which is jointly owned by the Norwegian company Måsøval Eiendom, which owns 70.7% of the share capital and Ísfélag, which owns 29.3%, thus holding the community a 16% stake in Kaldvík. In addition, the largest shareholders in Kaldvík are the shipping companies Skinney-Thinganes, which manages 11.87% and Eskja, which manages 2.88%.

At least 46% of Kaldvík’s share capital is in the hands of Icelandic investors.

In the case of Arnarlax, the majority of shares owned by the Norwegian salmon farming company Salmar, which manages 52.48%. In addition, a significant part of the company is owned by foreign banks and funds, but some Icelandic parties take part through such parties, Tam through JP Morgan Bank Luxembourg SA, which holds 9.58%. In addition, Íslandsbanki holds a 7.54% stake in the company.

The Norwegian salmon farm Mowi owns 51.28% of the Arctic Fish, while Síldarvinnslan is the second largest shareholder with 34.19%. The herring processing also has shares through JP Morgan SE, which is registered for 6.27%. The rest of the company’s share capital is owned by investment funds and banks, while Landsbankinn and Íslandsbanki combine a total of 2.5% share.