11:25 AM EDT, 05/22/2024 (MT Newswires) -- High Liner Foods ( HLNFF ) , a frozen seafood company, said Wednesday it is investing US$10 million for a 4.5% stake in Norway's Andfjord Salmon Group, which specializes in sustainable and fish-friendly salmon aquaculture.

The company's investment, which will be made from cash from operations, forms part of a larger capital raise by Andfjord that is expected to close in May.

"Salmon is an important growth species for High Liner Foods ( HLNFF ), and we believe that land-based aquaculture will become an important component of the global salmon supply chain that will help bridge the gap between supply and demand," chief executive Paul Jewer said. "Today's modest investment will give High Liner Foods ( HLNFF ) a platform to gain operational insights and experience in land-based aquaculture as part of our ongoing efforts to meet the growing consumer demand for sustainably sourced and eco-friendly seafood products."

The investment is the company's second in Norwegian aquaculture after paying US$5 million for a 10% stake in Norcod AS, which farms cod, in February.

High Liner shares were last seen down C$0.10 to C$13.14 on the Toronto Stock Exchange.

Price: 13.14, Change: -0.10, Percent Change: -0.76