The Swedish subsidiary of PRFoods Ltd achieved a major victory in
Överumans Fisk AB, a 100% subsidiary of PRFoods, obtained an additional license in 2020 in Gaskeloukti, Västerbotten County, Sweden. The license gave the right to use 2,400 tonnes of feed, which would result in a production of 2,200 tonnes of fish. The license was contested by local residents and Överumans Fisk AB itself for additional feed tonnage.
The land and environmental court handed down a verdict refusing to accept the challenge from local residents. Överumans Fisk AB’s complaint was fully accepted and the amount of feed was increased to 3600 tonnes. The verdict is valid (it can be challenged in the Supreme Court, but it will not prevent the validity of the permit) and Överumans Fisk AB can already use the new permit in 2020 and the company has already started the necessary investments to increase the amount of food.
The Gaskeloukti site requires investments of 2.5 million euros. A new license will allow Överumans Fisk to increase its sales by 3.5 times compared to previous years from 2022 or 2023 and, depending on fish prices, additional sales of 13 to 15 million euros per year.
PRFoods Ltd also signed a $ 1 million bridge financing loan with majority shareholders Amber Trust II SCA to strengthen working capital and fish farming capacity. PRFoods has taken a strategic direction to increase fish farming in the group with the aim of becoming the largest rainbow trout producer in the region in 2-3 years.