United Seafood, the Faeroe Island’s biggest business, is set to be privatised. The company, which is owned by the Faeroese Development Fund, Fremtaksgrunnin, is to be offered for sale to private ownership via sales of the funds shares.
On Tuesday the management of the Faeroese Development Fund announced that 10% of the shares in United Seafood, equivalent to 60 million Danish Kroner are being offered for sale. (The Faeroe Islands come under Danish rule).
Faeroese politicians, who protested against public ownership of the countries biggest industry, have long wanted the privatisation process. The development fund intervened to rescue United Seafood in 1996.
By Penny Leese, just-food.com correspondent
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