June 2024: Camanchaca will be delisted from the Oslo Stock Exchange

Salmones Camanchaca's Vice President, Ricardo García Holtz, indicated that "Salmones Camanchaca made a significant commitment in 2018 by offering 30% of its shares to both the Chilean and Norwegian markets, with the intention of creating opportunities to secure ample financing and reach developed capital markets, especially for seafood investments".

The Board of Salmones Camanchaca agreed today to discontinue listing certificates of deposit for its shares on the Oslo Stock Exchange, while keeping its share listing on the Santiago Exchange. These processes will comply with Chilean and Norwegian regulations and completion is expected during 2024.

The reason for this decision is that the Company placed 30% of its shares in the market in January 2018, then assigned 25% to Oslo shareholders and only 5% to Santiago shareholders. Over the past six and a half years the Norwegian certificates, or NDRs, have been sold by investors in Oslo and acquired by investors in Chile, which has substantially reduced the volume of NDRs and increased the shares traded on the Santiago Exchange. Thus, the initial assignment of 25% and 5% is now approximately 2.9% and 26.8% respectively. 

Consequently, there is now minimal ownership of Salmones Camanchaca represented by NDRs and almost no transactions on the Oslo stock exchange, so the dual share listing has lost its original purpose, which was to trade shares on the main global stock exchange for seafood companies. This low volume of NDR trading can no longer justify the costs of keeping shares listed on two markets.

Salmones Camanchaca’s Vice President, Ricardo García Holtz, indicated that “Salmones Camanchaca made a significant commitment in 2018 by offering 30% of its shares to both the Chilean and Norwegian markets, with the intention of creating opportunities to secure ample financing and reach developed capital markets, especially for seafood investments.

However, our shares became less attractive in Norway as investors in Chile bought shares in Santiago, which reduced liquidity in that market. We have realized over the years that a dual placement makes a lot of sense when two markets are interconnected, which allows shares to freely and rapidly flow between them with low transaction costs. In reality, bringing shares to Chile proved to be a very smooth process, but very difficult in the reverse direction. Thus, dual placements without arbitrage in both directions do not work. When trading volumes in Oslo fell to below 3% and bringing shares from Chile to Norway became practically impossible, the costs of keeping shares listed on two markets became totally unjustifiable.

We believe that delisting on the Oslo market will generate savings tor the Company and no associated costs, as Chile is an open market that can be accessed directly, so we can maintain our presence in the financial community.”