October 17, 2003

China's Dalian Glory Investment on Aquaculture in Malaysia, Sabah

China's Dalian Glory Technology Development Co Ltd will be investing in deep-sea fishing and aquaculture in the east coast of Sabah, Malaysia.

The two projects, worth RM180 million, will be undertaken via a joint venture with Kuala Lumpur-based M-Square Sdn Bhd. Dalian Glory managing director Benjamin Ding led a delegation to Semporna and Tawau on Wednesday to visit the sites for the proposed project.

Sabah Agriculture and Food Industry Assistant Minister Datuk Dr Patawari Patawe, State Agriculture Department Director Rayner Stuel Galid and the chief executive officer of M-Square Tengku Shaiful Bahari accompanied the delegation.

Dalian Glory and M-Square had signed a memorandum of understanding for the projects during the recent visit by Deputy Prime Minister Datuk Seri Abdullah Ahmad Badawi to China.

Ding said the deep-sea fishing would be carried out off Semporna, while the aquaculture project would be at Kuala Merotai in Tawau.

Speaking to reporters after visiting the sites, he said the company would bring in 60 trawlers from China for the deep-sea fishing project.

"We are in the process of collecting information and we hope to start the projects the latest by early next year," he said.