Titania Trading Limited, a private company based in Hong Kong, has acquired an 81.8% stake in the Icelandic company Vélfag. Vélfag was founded in 1995 in Ólafsfjörður by Bjarmi Arnfjörður Sigurgarðarsson and Ólöfa Ýr Lárusdóttir and initially specialised in servicing fishing companies. At the beginning of 2022, it was announced that they had sold the majority of the company’s shares to the Russian fishing company Norebo.
Titania Trading Limited is a privately held international investment company incorporated in Hong Kong. Vélfag is a progressive and innovative company that specialises in developing and manufacturing advanced machinery for fish processing. The company has been successful, with a turnover of ISK 548 million last year and profits of ISK 77 million.
