Norcod AS takes a decisive step in its development by announcing a proposed capital increase for Jerónimo Martins Agro-Alimentar, a subsidiary of the Portuguese Jerónimo Martins Group. The Board of Directors has proposed to the extraordinary shareholders' meeting the issuance of 12.707.454 new shares with a gross consideration of NOK 157 million, at a subscription price of NOK 12,375 per share. If approved, this transaction will significantly strengthen the Norwegian company's financial structure and pave the way for a long-term strategic partnership.
According to Norcod, the investment will accelerate the growth strategy towards large-scale production of low-intensity farmed cod, in line with the growing international demand for sustainable whitefish. The entry of Jerónimo Martins—a leading food distribution group with revenues of over €30 billion in 2024 and brands such as Biedronka in Poland, Pingo Doce in Portugal, and Ara in Colombia—also represents a significant expansion of the potential distribution network.
Following the capital increase, Jerónimo Martins Agro-Alimentar will hold 18,06% of Norcod's shares and voting rights. The registered share capital will thus increase to NOK 157.254.750. The company clarified that the pre-emptive rights of current shareholders have been excluded, emphasizing the strategic value of the transaction and the absence of existing shareholders' participation in the offering.
The proposal will be voted on at the extraordinary meeting convened around November 26, 2025, during which the appointment of António Serrano, CEO of Jerónimo Martins Agro-Alimentar, to Norcod's Board of Directors will also be discussed. This move is designed to further strengthen the collaboration between the two entities.
Norcod CEO Christian Riber called Jerónimo Martins's arrival "a transformative step," highlighting the company's industrial complementarity and the potential for expanding access to global markets. Board Chair Renate Larsen described it as a "strong vote of confidence" in the company's strategy. For Serrano, the investment reflects the group's vision for innovative protein production models, amid growing pressure on wild fish stocks.
With this new structure, Norcod aims to consolidate its position as the leading European platform for sustainable cod aquaculture, also thanks to the support of strategic partners High Liner Foods and Sirena Group.
