The Greek aquaculture company, Nireus SA which holds or controls over one third of the shares in the Norwegian company, Marine Farms ASA, has announced that it has precipitated major changes in the Marine Farms’ Board of Directors.
In a statement, Nireus said that the changes were needed to give better participation and more intensive supervision of the development and implementation of the strategy and the investment plan of Marine Farms as well as conducting a strategic review of the businesses of the company and restructuring and expansion of the board of directors.
In the new board, Nireus will be represented by Mr Dimitris Loumpounis, an Executive Member of Nireus' board and Ms. Tone Bjornov, a Norwegian citizen with significant management experience in the financial sector. Additionally, Mr. Vasilis Theofanopoulos, Nireus' director of strategy, M&A and corporate development, was elected as an alternate member for Mr. Dimitris Loumpounis.
Dr. Panayotis Alexakis, executive vice chairman of the board of directors of Nireus was also elected on the newly instituted three-member Nomination Committee for Marine Farms.
The changes come after Marine Farms announced their 1st quarter 2009 results with sales of NOK 197 million (€ 22 million) and EBITDA (before fair value adjustment of biomass) NOK 21.3 million (€2.3 million), increases of +28% and +11% respectively compared to the corresponding quarter of 2008.
Marine Farms owns a number of aquaculture businesses including salmon farming with Lakeland in UK, (capacity 12,000 tonnes p.a.), seabass/bream farming through Culmarex, (capacity 8,000 tonnes p.a.) and cobia farming in Vietnam and Belize.
Should fisheries be closed during breeding time to allow stocks to reach more sustainable levels?
