Faroese parliament approves resolution of restriction of foreign ownership

12/7/2012 5:57 AM EST

The Faroese parliament today approved the expected 
new law which among other things restricts foreign 
ownership in Faroese farming companies with effect 
from 9 August 2012.

The main elements in changes in the Faroese fish 
farming legislation are:
·	Head Quarter in the Faroe Islands 
·	Maximum of 20% ownership for a single 
foreign  shareholder 
·	Maximum 20% voting rights for a single 
foreign shareholder 
·	These changes are only for shares purchased 
after 9th August 2012 
·	The aim of the proposal is said to be: 
o	to maintain Faroese salmon farming companies 
competitive and as an important part of the Faroese 
value creation 
o	to ensure that a high part of the value chain 
inclusive VAP, sales and marketing, contributes to 
value creation in the Faroe Islands 

The proposal is available only in Faroese at 
http://www.logting.fo 

For further information:
Regin Jacobsen, CEO of P/F Bakkafrost: +298 235001 
(mobile)

Teitur Samuelsen, CFO of P/F Bakkafrost: +298 235111 
(mobile)

Glyvrar, 7 December 2012

P/F Bakkafrost 
Bakkavegur 9
PO Box 221
Fo-625 Glyvrar
Tel. +298 405000Fax +298 40500
 
www.bakkafrost.com

About Bakkafrost.
Bakkafrost is the largest salmon farmer in the Faroe 
Islands. The Group is fully integrated from feed 
production to smolt, farming, VAP and sales. The 
Group has production of fish meal, fish oil and 
salmon feed in Fuglafjørður. The Group operates 16 
farming sites located in 15 different fjords. The 
Group has primary processing in Klaksvík, Kollafjørð, 
Strendur and secondary processing (VAP) in Glyvrar 
and Fuglafjørður. The headquarters are located in 
Glyvrar, and the company has a total of 525 emplo