News and Press Release

Banking agreement signed with Bank of Ningbo

2021-06-23

The banking agreement being signed by Mr. Ove Nodland, Chairman and CEO of Nordic Aqua (Ningbo) Co. Ltd and Ms. Lu Jie, President, Bank of Ningbo, Xiangshan Banch, joint by Ms. Catherine Shen, Chief Administration Officer of Nordic Aqua (Ningbo) Co. Ltd. and Ms. Zheng Yu, General Manager, Corporate Business, Bank of Ningbo, Xiangshan Branch.

Nordic Aqua (Ningbo) Co. Ltd., being the 100% owned daughter company of Nordic Aqua Partners A/S, has today signed an agreement with Bank of Ningbo, Xiangshan Branch, to provide banking services to its operation of the RAS based salmon farm in Ningbo, China. The agreement includes typical banking services for a company in rapid development and is based on a long-term partnership. Bank of Ningbo is a private bank with it’s headquarter in Ningbo, and with long experience in providing banking services to wholly foreign owned companies in China, including professional assistance and support within international banking and foreign currency.

The agreement also includes a conditional credit facility of RMB 35 million, [NOK 47 million/EUR 4,6 million] which will be used as a typical working capital facility. Both parties have the objective to expand the credit facility as the business develops.

Nordic Aqua (Ningbo) Co. Ltd. already has a committed credit facility of EUR 25,0 million, so the total undrawn credit facility therefore stands at EUR 29,6 million.

Nordic Aqua Partners A/S, through its 100% owned company in Ningbo, China, Nordic Aqua (Ningbo) Co. Ltd., is well underway to build a RAS based salmon farm in Ningbo, the first of its kind in China. First inlay of salmon egg is scheduled towards the end of this year, with the first harvest towards the end of 2023. Initial annual capacity in 2024 will be 4,000 tons, with a plan to reach 20,000 tons on current location.

For further information, please contact Mr. Hjalti Hvitklett, CFO at: Phone: +298 221222 or E-mail: hjalti@nordicaquapartners.com

To see the announcement, follow this link: https://newsweb.oslobors.no/message/536597

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