June 23, 2008

Cell Aquaculture secures funding for Terengganu JV

Australia's Cell Aquaculture has completed sales of its proprietary equipment for finalisation of the first 100-plus-tonnes-per-year production facility, for its joint venture with the Terennganu state government in Malaysia.

Barramundi fingerling sales have now been sent to the facility, with more than 50,000 fish now stocked into the system.

The completion of this facility is the first stage of a planned 1,100 plus tonne per annum expansion programme in Terengganu state.

The company is in the process of securing funding from the Malaysian government to push the projects forward.

According to reports the company has raised A$1.2 million (US$1.14 million).

It is anticipated that the Terengganu funding facility will be in place within the coming months.