April 12, 2007

Malaysian state kicks off aqua joint venture with Australian company

Malaysia's state of Terengganu has received the first container of Cell equipment from Australia's Cell Aquaculture Ltd (CAQ) through Terengganu Agrotech Development Corporation (TADC) for its joint venture with the company.

The joint venture, TRG Cell Sdn Bhd, is expected to produce 700 tonnes of finfish annually on completion and generate US$7.4 million per annum in fish sales.

CAQ managing director/CEO, Geoff Leding Wilton said he is pleased to get the ball rolling on the joint venture project. Cell Aquaculture is excited about developing the aquaculture facility; which will provide the company with access to the lucrative premium Asian seafood markets, he added. 

Cell Aquaculture is also advising the state through a number of strategic planning workshops with TADC management.

The joint venture is expected to generate revenues of approximately US$7 million directly to CAQ during the 18-month development phase.

Revenue would be derived primarily from sales of Cell proprietary equipment, license fees, project management and technical support services to the joint venture.

CAQ would hold 30 percent of the issued capital in the joint venture company.