Thursday , October 28 2021

Taking fish boxes into braille on a team's stock exchange



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BewiSynbra, a Norwegian packaging and insulation manufacturer, announced its ambition to roll out Oslo Børs in the fourth quarter. In other words, the company can be found on the stock exchange before the new year.

"The owner of BewiSynbra is considering a list of corporate stocks that will be an important platform for future growth and is an important milestone for the company," says Gunnar Syvertsen, chairman of the board.

BewiSynbra, originating from the fishing community of Frøya, was founded almost 40 years ago by Svenn Bekken and his cousin, Salmon farmer Gustav Witzøe, and Bjørn Rune Gjelsten was included in the ownership side.

Foretrakk Oslo

Earlier this year, Gjelsten Holding joined the Bewi Synbra Group with a private placement of about $ 165 million. The new capital allowed us to acquire the Dutch company Synbra.

Bjørn Rune Gjelsten paid $ 165 million to acquire BewiSynbra's stake in the spring of 2018.

Bjørn Rune Gjelsten paid $ 165 million to acquire BewiSynbra's stake in the spring of 2018.
(Photo: Ida von Hanno Bast)

In connection with the listing, major shareholders, including Gjelsten, sell themselves in BewiSynbra.

This was the way investors responded when DN asked whether it used an old strategy to visualize value through listing at the beginning of the year.

"Yes, it is a very interesting company that can systematically create synergies among the 24 plants in several European countries," Gjelsten told DN.

The Isopors company, whose 1100 employees were then merged, said its goal is to be on the Stockholm Stock Exchange next year.

President Gunnar Syvertsen points out in this report that Oslo was always the first choice.

– Since the company's roots and shareholder are Norwegian, Oslo was the first choice for the listing of company shares. And some of the largest EPS companies in Europe are family owned companies in Norway, "says Syvertsen.

I see 500 million.

BewiSynbra is a major producer of fish packaging, technology packaging and construction systems, including low-energy homes.

Raw materials are produced in factories in Finland and the Netherlands, while mass-produced cellular plastic (EPS) products are manufactured closer to the final market to avoid shipping costs.

EPS is also known as isopor, a brand manufactured by Sundolitt for the Sunde family hearing in Ålesund.

BewiSynbra expects adjusted operating income in 2018, considering the sales of Swedish krona at 5 billion and pre-tax profit and depreciation of 500 million Swedish krona per 3 quarters.

Industrial Cluster

It is no coincidence that an industrial company is headquartered in Frøya. In Frøya, the first fishing box known as Bewi in the early '80s became the light of day.

Hitra, a municipality adjacent to the Frøya municipality, is a two-hill country in Norway.

The Salmar salmon giant Salmar, founded by Gustav Witzøe in 1991 and valued at around 60 billion kroner, has its origin and port in Frøya.

David Bain, CEO, Svenn Bekken, said in an interview with DN in 2013 that a very strong aquaculture farm was created in international competition.

Bewi-entrepreneur Svenn Bekken has exclusive fishing port boxes in Frøya in 2013. Through a family company called Frøya Invest, this stream is still the largest shareholder of BewiSynbra.

Bewi-entrepreneur Svenn Bekken has exclusive fishing port boxes in Frøya in 2013. Through a family company called Frøya Invest, this stream is still the largest shareholder of BewiSynbra.
(Photo: Per Thrana)

"There is a fierce battle between all the players to make money with the best players, and they push each other and push us into the supplier industry for continuous improvement," he said.

Bewis machine sprints are on the farm within hours. They fill them with salmon and ice and set this course as express shipping to customers around the world.

– Most boxes are only used 15-20 hours before they are discarded. We think this is embarrassing and are working to develop a more environmentally friendly and cost-effective solution. "He said.

Contains controls.

A listing of BewiSynbra at Oslo Børs is planned for the current quarter and includes private placement on institutions and professional investors, which the Bekken family, Gjelsten and Verdane sell.

However, the major shareholders Frøya Invest and the Bekken family will remain in the company after more than 50% of the company is listed.

Also, according to a report released on Monday, Sweden is expected to reduce its debt by deducting newly issued shares with a proceeds of 150 million kroner and to strengthen financial flexibility for the company's acquisition strategy.

The listing was announced by Oslo Børs and the Swedish Financial Supervisory Authority to be approved in addition to the "current market situation".

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