Faroese salmon farmer, feed producer and processor Bakkafrost has decided to postpone its dividend payment proposal for 2019 until Aug. 25, amid uncertainty surrounding the impacts of the coronavirus health crisis.
The spread of the coronavirus around the world has hit the salmon market's supply channels and logistics, convincing Bakkafrost executives that the most responsible course of action for shareholders, employees and the company is to postpone the decision on the dividend payment for 2019, the company said.
While Bakkafrost stressed it has "a very strong balance sheet and good access to capital," the company said it is important to ensure it maintains the agility and financial strength to be able to continue with planned investments.
Bakkafrost's decision comes as the global death toll from the coronavirus nears 25,000 among 550,000 cases worldwide.
Check out IntraFish's Business Intelligence analysis on the world's top seafood companies and the key drivers behind the fast-moving sector: Download a free sample report here or reach out to us at Intelligence@IntraFish.com.
