Cermaq Implements an Amalgamation Among Its Subsidiaries in Canada

• Cermaq British Columbiawill continue the business as the surviving company.

• The company owned by the Japanese Mitsubishi Corporation aims to consolidates its salmon operations.

Cermaq Group, the wholly owned subsidiary of Mitsubishi Corporation, resolved a few days ago to implement an amalgamation among its subsidiaries in Canada. As a result of this resolution, CQ Canada Holding, currently a specified subsidiary of the company, will cease to qualify as a specified subsidiary. Meanwhile, Cermaq British Columbia, a newly established company, will have capital exceeding one-tenth of the company’s capital and will therefore qualify as a specified subsidiary of the company.

The restructuring is effective from June 1 and the new company, Cermaq British Columbia, will have a capital of USD 160.52 million. CQ Canada Holding, Cermaq Canada and Cermaq Seafood BC will cease to exist, the Mitsubishi Corporation reported. Cermaq British Columbia will continue the business as the surviving company.

The purpose of this transaction, that arrives a months after completing its acquisition of Grieg Seafood’s farming assets in Canada and Norway for USD 1.08 billion, is to integrate multiple subsidiaries under Cermaq’s Canadian operations and consolidate their functions into a newly established company, thereby enhancing the efficient use of management resources and achieving functional integration.

The restructuring was reported at a particular time for salmon farming in British Columbia, where federal decisions over the past years have reduced production and increased uncertainty among the aquaculture sector.

Financial Results

According to Mitsubishi Corporation, the transaction involves amalgamation among Cermaq’s subsidiaries in accordance with applicable local laws, whereby the newly established company will succeed to all assets, liabilities, rights, and obligations of each of the merging subsidiaries.

This transaction will be carried out as an amalgamation under applicable local laws. As the rights of the shareholders of the pre-amalgamation companies are succeeded by the newly established company, the shares of the pre-amalgamation companies will be partially cancelled, and the remaining shares will be exchanged for shares of the newly established company.

Mitsubishi Corporation assured that the impact on the company’s financial results for the fiscal year ending March 31, 2027 is expected to be immaterial.

Cermaq Norway Certifies All Its Facilities

A few weeks earlier, some of Cermaq Norway’s facilities underwent ASC audits. Specifically, the facilities audited were those at Davatluft and Bergsnes, in the municipality of Alta; at Kleppenes N, in the municipality of Hammerfest; and at Vannfjorden, in the municipality of Nordkapp. The audit was carried out by the independent organization DNV.

ASC is the international environmental standard for salmon production. The ASC standard sets strict requirements regarding environmental impact, social responsibility and animal welfare, and requires us to report openly on our results. It is worth noting that the standard is a voluntary third-party certification under which we, as producers, must demonstrate that we meet the requirements for sustainable production.

“Our aim is to certify all our facilities under this standard. Cermaq Norway’s two processing plants hold ASC Chain of Custody certification, which, among other things, sets out traceability requirements,” said the representatives of the company.

Leading Company in Farming of Salmon and Trout

Cermaq is one of the world’s leading companies in farming of salmon and trout, with operations in Norway, Chile and Canada and about 4,000 employees. Mitsubishi Corporation (MC) is an integrated trading and investment company that develops and operates businesses across multiple industries together with its global network.