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September 12, 2014
Seafarms Buys Coral Sea Farms
Commodities Group Limited is pleased to announce that its wholly owned subsidiary Seafarms Group Limited has executed agreements to acquire the shrimp farming business and business assets of Queensland shrimp farming company Coral Sea Farms Australia, Pty., Ltd., and certain of its subsidiaries for $4.2 million, to be funded by a combination of cash and debt.
Seafarms Managing Director, Robert Bell, commenting on the acquisition of the Coral Sea Farms business, which has been in operation since 2002, said that “the purchase of this farm, which is located just thirty minutes drive from our existing operations at Cardwell, provides Seafarms with immediate additional production growth of approximately 25% per annum.”
Director of Aquaculture Operations for Seafarms, Dallas Donovan, who is responsible for operating and integrating the new assets into Seafarms’ existing operations, added, “We are very pleased to bring this high-quality farm into our Seafarms’ hub. We will be stocking the ponds later this year with...tiger shrimp larvae produced from our expanded hatchery.”
The acquisition will increase Seafarms production capacity by approximately 25% and will increase the Group’s total production capacity to more than 30% of Australia’s farmed shrimp production.
Seafarms’ hub of aquaculture assets in the Ingham-Cardwell region will become the industry research laboratories for James Cook University.
The Coral Sea Farms business includes approximately 32 hectares of ponds and a processing facility in Hinchinbrook. The acquisition is conditional on obtaining the normal and usual regulatory approval for the transfer or grant of various licenses, authorizations and crown leases and certain other conditions.
More information will be provided on Seafarms’ business plans and Project Sea Dragon in coming months.
Commodities Group Limited is a listed holding company with two separate subsidiary companies operating in nonconventional commodities: aquaculture and carbon. Seafarms Group Limited operates aquaculture operations and CO2 Australia Limited. For further information go to the company’s web site: www.commoditiesgroup.com.au.
Seafarms Group Limited, a new Australian agri-food company, operates, builds and invests in sustainable aquaculture production platforms producing high-quality seafood. Seafarms is currently the largest producer of farmed shrimp in Australia, growing, processing and distributing the well-known “Crystal Bay" Prawns”™. The company is one of Australia’s largest aquaculture ventures, and it is also developing Project Sea Dragon, a large-scale, integrated, land-based shrimp aquaculture project in northern Australia designed to produce high-quality, year-round volumes of tiger shrimp for export markets. For further information go to the company’s web site: www.seafarms.com.au.
CO2 Australia Limited has built a strong environmental business providing advisory and environmental management services to the mining and development sectors in Queensland and Western Australia and manages an estate of more than 26,400 hectares of planted forests and protected remnant native vegetation across Australia. CO2 Australia is the largest provider of dedicated carbon sink plantings in Australasia. The company currently manages landmark commercial contracts for Qantas Airways, Macquarie Bank, Woodside Energy, INPEX Browse, Origin Energy, Newmont Mining and Wannon Water. For further information go to the company’s web site: www.co2australia.com.au.
Information: Robert Bell, Seafarms Managing Director (phone 08-9321-4117, webpage www.seafarms.com.au).
Source: HotCopper.Com. COZ Acquires Second Prawn Farm Business. [Click on the blue “Download Document” link in the bulleted list of items in the middle of the page that opens to get the full document.] September 9, 2014.
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