January 24, 2008

Malaysia's conglomerate to expand fishery operations
 

Conglomerate Texchem Resources is investing RM40 million (US$12.2 million) into a seafood processing facility and fishing operations in Tanjung Manis, Sarawak.
 

The company plans to expand its food and family care division, and this development is part of it.

Plans include a 10-hectare aquaculture project in Langkawi to farm grouper, sea bass and tilapia for export and to supply raw ingredients for the company's seafood processing subsidiaries.

The project is a joint venture with the Sarawak State Economic Development Corporation in which Texchem will hold a 51 percent stake.

The group was invited by the state government to invest in Tanjung Manis, which had to date received over RM300 million (US$91.8 million) in investments in essential port facilities.

Chairman and chief executive officer Tan Sri Fumihiko Konishi said they had secured a four-acre site for the seafood processing facility and the licenses to operate five fishing trawlers in Sarawak.

Texchem trades in specialty chemicals and consumer products; into the manufacturing of industrial packaging, household insecticides; and food processing. It has established operations in Malaysia, Indonesia, Myanmar, Singapore, Thailand, Vietnam and China.