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Cermaq ASA takes controlling ownership of Denofa AS

Norgrain, where Cermaq ASA holds 72.5% of the shares, has today declared an option to purchase 20% of Denofa AS. Norgrain will after this transaction own 60% of the total shares of Denofa.

Norgrain, where Cermaq ASA holds 72.5% of the shares, has today declared an option to purchase 20% of Denofa AS. Norgrain will after this transaction own 60% of the total shares of Denofa.
 
Norgrain, where Cermaq ASA holds 72.5% of the shares, has today declared an option to purchase 20% of Denofa AS. Norgrain will after this transaction own 60% of the total shares of Denofa. The other 40% of the shares in Denofa are owned by the Brazilian listed company Agrenco. The seller of the shares is Øraveien Industripark AS, a company in the Borregaard group. The sales price is 10.7 mill NOK, financed through Norgrain's existing loan facilities.
 
The transfer of shares will take place medio June. As a consequence of the transaction, the financial results of the Denofa Group will be consolidated within the Cermaq Group from the second quarter 2008. The additional debt consolidated in the Cermaq balance sheet will be approximately NOK 250 million, subject to the finalisation of the opening balance sheet.
 
Denofa is a company which imports non-gmo soya beans, mainly from Brazil, and processes this to soy oil, soy meal and lecithin. Denofa has operations in rape seed oil processing in Poland. The operating revenue of the Denofa group was 1 469   mill NOK in 2007, with a pre-tax profit of 30 mill NOK. The company has 96 employees, of which 56 are based in Fredrikstad. The board of Denofa consists of 7 members, of which 2 are employee representatives. Svein Ove Faksevaag is the Chairman of the board, and the CEO of the company is Øystein Haslum. For more information, please visit Denofas web site www.denofa.no
 
Cermaq's engagement in Norgrain is outside the core business of the Cermaq group, which is aquaculture. The Denofa operation was established as a part of the arrangement when Borregaard stopped its fat processing in Fredrikstad and where new owners continued the soya crushing operations from January 2005. Norgrain sees this purchase as a platform for long term operations. The second largest owner in Norgrain, after Cermaq, is Østfoldkorn, which owns 26.5% of the shares.

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