Barramundi Group secures funding for major expansion in Brunei


 

The facility, subject to finalization and completion, will be used to fund the first phase of the Brunei expansion, with a focus on:

  • The construction of a RAS bloodstock and hatchery center, complementing the existing RAS nursery operations.
  • Deployment of sea cages at the company’s existing sea lease, Pelong Rocks, in mid 2024.

The company stated in a stock exchange announcement: “With the new broodstock and hatchery facility, the Brunei operations will be able to capitalise on the genetic nucleus from our Singapore broodstock – naturally bred and selected over 20 years – to spawn and culture fry and fingerling within Brunei. The capacity of this facility will allow Brunei to be sufficient not only for the Phase 1 Pelong Rocks grow-out cages, with an annual capacity of 1,000 tonnes, but also for phase 2 requirements of the planned 3,000 tonne land-based RAS facility.

“The immediate deployment of Pelong Rocks will help to smoothen the gap in production and revenues, but also provide the group with an opportunity to re-enter the China market – one of our largest and key markets, previously unreachable with a Singapore-grown product.

“The securing of this initial funding, in the present economic climate, and following the many difficulties the group has faced in recent years, is encouraging. We now focus on the work ahead to establishing the funding requirements of phase 2 of BG 2.0, as well as the group.”

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