November 27, 2007

Japan's Mitsui buys stake in Chinese shrimp company

Japan's trading house Mitsui & Co Ltd spent about US$23 million to buy a 37-percent stake in Allied Pacific, a Chinese company that farms and processes shrimp.

Allied Pacific owns shrimp-farming and feed-production facilities in Hainan Island, a shrimp farm and a processing plant in the city of Zhanjiang in Guangdong province and a processing plant in Dalian.

The company exports approximately 13,000 tonnes of shrimp every year.

The sale to Mitsui will be used to upgrade the farming facilities of Allied Pacific.

Mitsui's latest investment is part of its long-term plan to spend a total of US$73 million by the end of March 2011 to secure Japan's food resources.