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Dahu Raises Funds For Further Investment

CHINA - A company filing from China Securities Journal states that Dahu Aquaculture, a company which breeds carp and herring, intends to raise between 252 million yuan and 360 million yuan by issuing 35-50 million shares to its controlling shareholder, Hunan Hongxin Holding, at 7.21 yuan per share, reports Capitalvue.

Funds raised will be used to fund the breeding of Chinese softshell turtles, fish processing and cold chain logistics.

Hongxin Holding currently holds 92.74 million shares, or a 21.72 percent stake in Dahu Aquaculture.

After the share purchase, it will hold 128-143 million shares in the listed company, accounting for a 28-30 percent stake.

Yang Ming, the board secretary of Dahu Aquaculture, said there is a huge market for freshwater fish following the oil spill in Mexico and the nuclear disaster in Japan.

China exported 7.16 million tons of freshwater products with total value of $20.364 billion in 2010.

Shares of the company rose by its daily limit of 10.02 percent to close the morning session at 9.22 yuan.

the Fish Site Editor

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