Sino Agro Food, Inc. announced on 4 January the approval for admission to trading of its common shares on the Oslo Bors’ Merkur Market. Trading is expected to commence on January 13, 2016 under the symbol “SIAF-ME,” subject to satisfaction of conditions for admission to trading as described below. The Company’s common shares will continue to trade on the OTCQB under the symbol “SIAF.”
The decision reflects the Company’s desire for its shares to be listed on the world’s leading aquaculture listing venue and to provide its European shareholder base with a more suitable platform for trading.
No new shares are to be issued in connection with the admission to trading. Current shareholders will be able to convert their shares traded on the OTCQB in the U.S. to shares traded on the Merkur Market through their account operator. Further instructions are available on the Company’s website
Shares on the Oslo Bors’ Merkur Market will be traded and settled in Norwegian Krone (“NOK”). In conjunction with the admission to trading on the Merkur Market, Swedbank Norway acts as the financial advisor to the Company and Wikborg-Rein & Co. Advokatfirma DA as the Norwegian legal advisor.
SIAF CEO Solomon Lee commented, “Our goal is to facilitate access to Sino Agro Food for additional European investors who seek exposure to the growing Chinese seafood and protein food sector. This admission to trading raises Sino Agro Food’s profile to European institutions, and provides a more accessible trading venue for our substantial Nordic shareholder base. We also look forward to welcoming many new shareholders, as Norway hosts the world’s largest financial seafood cluster.
“In light of our strategic focus to streamline the Company and to list aquaculture assets on Oslo Bors, we believe that the Oslo Bors’ Merkur Market is the most suitable venue for Sino Agro Food, Inc.”
Sino Agro Food develops and operates protein food production facilities in the People’s Republic of China. The Company produces, distributes, markets, and sells sustainable seafood and beef to the rapidly growing middle class in China. Activities also include production of organic fertilizer and produce. The Company is a global leader in developing land based recirculating aquaculture systems (“RAS”), and with its partners is the world’s largest producer of sustainable RAS prawns.
Founded in 2006 and headquartered in Guangzhou, the Company had over 550 employees and revenue of $404M in 2014. Operations are located in the provinces of Guangdong, Qinghai, Hunan, and Shanghai.