Icelandic Pension fund Gildi has sold its shares in the fishing company now known as Brim -- formerly HB Grandi -- to FISK-Seafood for some ISK 5 billion ($42 million) after voting against a deal for three Asian sales firms and an Iceland-based services company.

Fisk -- which also bought a third in fishing firm Vinnslustodin (VSV) from Brim’s parent Utgerdarfelagi Reykjavikur (UR) last year for over $80m -- now owns 8.5% in Brim, Kristjan Davidsson, chairman of the latter, confirmed to Undercurrent News. 

On Friday, shareholders of what was then HB Grandi approved a plan to acquire several sales companies based in Asia from Gudmundur Kristjansson’s UR for around $35m, as well as a proposal to change the company's name to Brim. The firms -- Seafood Services (Iceland), Icelandic Japan, Icelandic China, and Icelandic Hong Kong -- had been acquired by Kristjansson at the end of 2015 from what was then Icelandic Group, as first reported by Undercurrent. 

Some 88.9% of shareholders voted for the acquisitions, which will be financed by issuing new shares, but Gildi did not. New shares have been issued to do the deal, which sees UR's stake in Brim rise from 34% to 42.31%. 

“The board respects the decision of Gildi to sell the shares, as it’s a natural consequence of them voting against the proposal. We welcome a shareholder with strong connections in the industry which obviously knows and understands what we are doing,” Davidsson told Undercurrent. 

Fisk responded to Undercurrent, stating a press release on the deal will come in the next few days. Gildi, which is Iceland’s third-largest pension fund, was not immediately available to comment. 

The pension fund previously called the move “not credible”, questioning the rationale of the deal between the closely linked parties.   

"The board of directors thus intends to commence sales operations in Asia in such a way as to devote significant funds to invest in companies owned by [UR] which are engaged in sales operations in these markets," said Gildi, in a statement issued last week [...]