Portuguese food group acquires 18% stake in cod farming company Norcod

Norcod, the Norwegian cod farming company, has completed a private share placement to raise NOK 157 million (equivalent to £11.9 million) from Jerónimo Martins Agro-Alimentar, a subsidiary of the Portuguese food retail group Jerónimo Martins. The share price was set at NOK 12.38 (EUR 1.06) per share.

Jerónimo Martins Agro-Alimentar currently owns roughly one-third of another Norwegian aquaculture company, Andfjord Salmon, which specializes in land-based salmon farming on Andøya Island in Nordland.

The capital raised from this share issuance will enable Norcod to accelerate its development strategy, expanding the production scale of low-intensity, environmentally minimal-impact farmed cod. This investment not only strengthens the company’s balance sheet but also broadens its strategic opportunities, allowing Norcod to reach a larger international market.

Norcod’s extraordinary general meeting, where decisions related to the share issuance and changes to the board of directors will be approved, is expected to take place on or around November 26, 2025.

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