NCR Comments: Å Energi assumes majority ownership in Fredrikstad Energi
Uncertainty remains to the company's role in the combined group.
Corporate
Veas Selvkost AS
Veas Selvkost is the largest wastewater treatment company in Norway and provides statutory services for its municipal owners. Its primary objective is to treat wastewater in accordance with requirements set out by the respective county governors in the Oslofjorden area in southeastern Norway.
The company was founded in 1976 and is owned by the City of Oslo (70.5%), Bærum municipality (21.5%), and Asker municipality (8%). In 2022, it became a limited liability company with a group structure under a common parent company, Veas AS.
Nordic Credit Rating's view on distressed exchanges
Clarification on defining distressed exchanges and defaults.
NCR Comments: Main owner initiates sale of 51% stake in Fredrikstad Energi
Outcome and future ownership structure not clear.
Elopak ASA
Elopak is a Norway-based carton packaging manufacturer and distributor with operations in more than 70 countries. In addition to the production and distribution of carton packaging, Elopak manufactures aseptic filling machinery, sells and distributes new machinery for packaging fresh products from partners, and provides service and maintenance support. Since its establishment in 1957, the company has been majority-owned by family-owned investment holding company Ferd AS. Following its IPO in July 2021, Ferd AS's ownership was reduced to 60%.
Mowi ASA
Mowi is the world's largest salmon farmer with operations in all major farming regions and worldwide sales reach. The company established its first stocking of salmon in 1969, making it an industry pioneer. In 2006, three large independent salmon farmers (Pan Fish [Mowi], Marine Harvest and Fjord Seafood) merged to establish The Marine Harvest group, which changed its name back to Mowi in 2018.
Norwegian farmed salmon prices likely to remain strong
Domestic currency appreciation could still hurt producers.
Fredrikstad Energi AS
Fredrikstad Energi, which can trace its roots back to 1895, is a Norwegian power distribution system owner and operator serving over 100,000 customers in seven municipalities located in four of the country's regions through subsidiary Norgesnett. The company also holds stakes in infrastructure service companies and energy retailers, although the grid business dominates revenues and earnings generation. The company is owned by Å Energi (51%) and Hafslund (49%), which is wholly owned by Oslo municipality.
Unregulated Nordic power producers well positioned to capitalise on higher prices
Electrification and industrial projects likely to fuel demand.
AB Transitio
Transitio was founded in 1999 by six of Sweden's 21 counties, when county-level traffic authorities were charged with running the country's regional railways, with the purpose of centralising acquisition and financing of rolling stock on behalf of the respective counties' regional public transport companies. The company also provides rolling stock support services and carries out heavy maintenance. Since restructuring in 2012, Transitio has been owned directly and indirectly by 20 Swedish counties (excluding the island county of Gotland), with each owner holding a 5% ownership stake.