China National Fisheries to Establish AUD 2 Million Joint Venture in Kiribati

en.Wedoany.com Reported - On October 20, Shenzhen Hemei Fisheries Co., Ltd., a wholly-owned subsidiary of China National Fisheries Corporation under China National Agricultural Development Group, signed a trilateral joint venture master agreement in Beijing with the Government of Kiribati and Fiji Haifu Co., Ltd. The parties plan to establish a joint venture in Tarawa, the capital of Kiribati, with registered capital of AUD 2 million. Among the contributions, Hemei Fisheries will invest AUD 1.2 million for a 60% equity stake; the Government of Kiribati will contribute AUD 600,000 for a 30% stake; and Haifu will contribute AUD 200,000 for a 10% stake. The cooperation covers tuna fishing, aquatic product processing and trade, and port cold-chain supply services.

The proposed enterprise will be tentatively named Kiribati Prosperity Fisheries Co., Ltd. Under the joint venture agreement, the company's board of directors will consist of 7 directors; Hemei Fisheries plans to appoint 4 directors and nominate the chief executive officer; and all three parties will contribute in cash. The relevant investment has been reviewed and approved by the board of directors of China National Fisheries, and domestic and overseas approval, registration, and filing procedures will be pursued subsequently.

The joint venture's business scope includes tuna purse seine fishing, fishing access agency services, catch processing and trade, port cold-chain supply services, fish aggregating device manufacturing, and aquaculture. China National Fisheries plans to leverage local fishery resources and its existing fishing operations to expand its tuna purse seine fleet and develop aquatic product processing and export businesses.

China National Fisheries previously used Tarawa Port in Kiribati as a base for tuna purse seine fishing operations, supplying catch raw materials to local aquatic product processing enterprises. This trilateral cooperation will further expand local fishing, processing, supply, and trade operations, extending the proposed joint venture's business scope from distant-water fishing to port cold-chain services and aquatic product processing.