China

SIAF aquaculture offshoot given green light to expand with $36m loan

By RJ Whitehead

- Last updated on GMT

SIAF aquaculture offshoot given green light to expand with $36m loan

Related tags: Overfishing

Chinese protein investment major Sino Agro Food Industries’ fisheries subsidiary has been approved for a CNY250m (US$36.3m) loan to expand its operations.

The facility will allow Jiangmen City A Power Fishery Development to develop fish farm projects in Guangdong within an accelerated time frame, said SIAF’s chairman and chief executive.

In addition to providing capital to build out the aquaculture segment of our business, we are confident this facility will enhance the company’s creditworthiness in its ability to secure additional funds from the market​,” said Solomon Lee. 

Jiangmen and its parent now plan to develop the aquaculture business into a “world-leading provider of seafood prior to spinning out the business and listing it on a major stock exchange​,” said Lee. 

This strategy is expected to unleash significant shareholder value and we are excited by the opportunities ahead of us as we move into this high growth phase of our development​," Lee added. 

Founded in 2006 and headquartered in Guangzhou, SIAF produces, distributes, markets, and sells sustainable seafood and beef to China’s fast-growing middle-class. Its activities also include production of organic fertiliser and produce. 

It is a global leader in developing land-based recirculating aquaculture systems, and with its partners is the world's largest producer of sustainable prawns using this system.

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