Asian deal for Cell Aquaculture

AUSTRALIA - Asia appears to be on the menu for Fremantle-based Cell Aquaculture Ltd after the company landed a deal to expand into this potentially lucrative market.

The company signed a Heads of Agreement and received a deposit payment from the Terengganu Agrotech Development Corporation, an entity wholly owned and controlled by the Terengganu State Government in Malaysia, to form a joint venture company to establish a 500 ton per annum land based Cell production system.

Cell will hold 30 per cent and TADC will hold 70 per cent of the issued capital in the joint venture company with execution of the formal agreement for the joint venture expected to be finalised in the coming weeks.

Cell Aquaculture chairman Robert Sewell said that due to the high seafood consumption, Asia had always been on the company's radar.

"A well developed relationship with TADC and the fact that they are a government body, gives us a great deal of comfort in progressing this venture," he said.

Source: WABusinessNews