SISA Pension Makes Bold Move in Greenland’s Fishing Industry
Greenland’s largest pension fund, SISA Pension, has embarked on a significant venture, committing a substantial three-digit million sum to Polar Seafood Greenland A/S, the country’s leading fishing enterprise. This move marks a notable shift in investment strategy for the pension fund, which boasts over 44,000 members and customers.
“This is a development worth noting,” declared Jess G. Berthelsen, chairman of SIK’s pension fund, in a recent conversation with Sermitsiaq.
The collaboration between SISA and Polar Seafood, revealed on October 1st, highlights a milestone: Polar Seafood’s first external investor has now entered the fold. This substantial investment sees SISA acquiring a five percent stake in the company, with the option to increase its holdings to ten percent over the next decade.
Until recently, Polar Seafood was entirely owned by Miki Brøns and siblings Laila and Bent Friis-Salling, who now retain 95 percent ownership while welcoming SISA into the ownership structure.
An Investmen of Strategic Importance
Berthelsen articulated that this investment felt like an obvious choice. “We expect a satisfactory return on this investment,” he noted, adding that SISA had long sought opportunities in the fishing sector but faced limitations under the previous fisheries legislation. The recent reforms, which he suggests are beneficial, now facilitate a more diversified ownership in the fishing industry—a change he and fellow fishermen have advocated for years to address the lack of competition and limited quota distribution.
“Now, approximately 44,000 of our members are co-owners of Polar Seafood,” Berthelsen stated with pride. He candidly acknowledged the pension fund’s past experience with investments in Greenlandic companies that didn’t yield favorable results, though he refrained from naming them.
Confidence in Polar Seafood’s Future
SISA remains optimistic about Polar Seafood, which is renowned for its impressive financial performance over the years. Despite recent declines in quotas for halibut, prawns, and redfish, the group closed 2024 with a commendable pre-tax profit of DKK 119 million, a marked increase from DKK 84 million in 2023.
For SISA, this investment is not merely financial—it’s about safeguarding Greenlandic jobs and fortifying the nation’s most vital industry, fishing. “The entire Greenlandic society relies on fishing, and many of SIK’s members are employed in this sector,” Berthelsen emphasized.
In a broader context, such investments are typical of pension funds and institutional investors in Denmark and abroad, aligning with their capacity to commit hundreds of millions or even billions to various projects. SISA’s recent move, therefore, not only reflects confidence in Polar Seafood but also a commitment to the future of Greenland’s economy.