February 5, 2007

Thai seafood producer makes landmark investment in Saudi Arabia

P.T. Intermarine Co, a subsidiary of Thailand's food-giant Union Frozen Products, has signed an agreement with a Saudi firm that would allow Thai seafood to gain a foothold onto the Middle East fishery industry.

The deal with Shami Al-Hassani & Sons Co of Saudi Arabia meant that Thailand's P.T. Intermarine could now lead the way for Thai seafood exporters to tap the Middle East market.

The new venture, Siam and Shami Red Sea, would be set up in Saudi Arabia, with registered capital of THB 10 million (US$290,000) with both sides holding equal stakes. Business operations would include deep-sea fishing, seafood processing, aqua-culture and seafood restaurants.