April 24, 2006

Chinese company seeks buyer for aquaculture farm in Mozambique

Chinese group Weihai International Economic and Technical Cooperation (WIETC) is looking for a Portuguese partner or buyer for its aquaculture project in Mozambique, the group's deputy chairman, Wu De Dang said Friday (Apr 21).

The company is seeking a buyer with experience in aquaculture, whether in partnership or even for sale of the entire operation, said Hao Lizhi, the project's director in Mozambique, who valued the entire project at US$17 million.

The move is part of the company's effort to divest itself of non-core assets to concentrate on its core businesses of exporting services and labour, public works and infrastructure construction and training and hiring out of fishing crews, Wu said.