Stolt-Nielsen S.A. Announces Listing and Offering for Stolt Sea Farm Holdings Ltd.
LONDON--(BUSINESS WIRE)--May 3, 2000
Stolt-Nielsen S.A., (Nasdaq: STLTF;STLBY; Oslo Stock Exchange; SNIB) today announced it is considering listing its 100 percent owned subsidiary Stolt Sea Farm Holdings Ltd. (SSF) on the Oslo Stock Exchange.
Jacob Stolt-Nielsen, Chairman and CEO of Stolt-Nielsen S.A. (SNSA) said, "Over the past several years, SSF has produced substantial revenue and profit growth as a result of strong fundamentals in the industry and strong execution of our business strategy by SSF's management team. About a year ago, as part of an overall SNSA reorganization, we formed a separate holding company for SSF to provide more transparency for the investor community. A public listing of SSF is a natural next step and will provide the platform to support our ambitious growth plans. The Oslo Stock Exchange was selected for the listing because the investor community is highly informed and knowledgeable about the aquaculture sector."
The listing is likely to take place in the near future and will be accompanied by an initial public offering in Norway and a Rule 144A private placement in the U.S. for a total of about 25 percent of SSF's equity. A final decision to proceed will be subject to approval by the SNSA and SSF Boards of Directors. The Company has appointed Orkla Enskilda Securities and Christiania Markets as advisors.
Stolt-Nielsen S.A. is one of the world's leading providers of transportation services for bulk liquid chemicals, edible oils, acids and other specialty liquids, The Company, through it's parcel tanker, tank container, terminal, rail and barge services, provides integrated transportation for its' customers. The Company also owns 48 percent of Stolt Offshore S.A. (Nasdaq:SCSWF, SCSAY;Oslo Stock Exchange:SCS;SCSA), which is amongst the largest subsea services contractor in the world. Stolt Offshore specializes in providing engineering, flowline and pipeline lay, construction, inspection, and maintenance services to the offshore oil and gas industry. Stolt Sea Farm, produces and markets high quality Atlantic salmon, salmon trout, turbot, halibut, sturgeon and caviar.
This news release contains forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Actual future results and trends could differ materially from those set forth in such statements due to various factors. Additional information concerning these factors is contained from time to time in the Company's U.S. SEC filings, including but not limited to the Company's report on Form 20-F for the year ended November 30, 1998. Copies of these filings may be obtained by contacting the Company or the U.S. SEC.