Print This Page

November 21, 2013

China

Sino Agro Food Applies for NASDAQ Listing

 

Sino Agro Food, Inc. is a publicly traded, integrated, diversified agricultural technology and organic food company focused on developing, producing and distributing agricultural products in the People’s Republic of China.  It intends to focus on meeting the increasing demand of China’s rising middle class for gourmet and high-quality food items.  It has five divisions: fisheries, beef, organic fertilizers, cattle and marketing.  Within the fisheries division it farms eels, sleeping cod and shrimp.

 

On November 18, 2013, it announced its financial results for the nine months ending September 30, 2013.  Record revenue of $70.7 million exceeded the company’s previous quarterly high water mark by over $15 million.  Total stockholders’ equity increased by $22.7 million in the third quarter to $261.9 million, or $2.03 per fully diluted share, versus $1.95 at the end of the second quarter.

 

As of Monday, September 30, 2013, it had unrestricted cash and equivalents of $9.6 million and working capital of $155 thousand.

 

On October 2, 2013, Sino Agro submitted an application to trade its shares on the NASDAQ Stock Market in the United States.  As of November 18, 2013, the application remains pending.

 

Sino Agro’s Prawn Farm 1, officially Enping City A Power Prawn Co. (EBAPCD), is the first indoor recirculating shrimp farm in Asia.  On April 22, 2013, the first 500,000 white shrimp (Penaeus vannamei) postlarvae were stocked, and as of the date of this quarterly filing, management reports that the shrimp were meeting growth benchmarks with low mortality rates.  During the third quarter of 2013, Prawn Farm 1 harvested 102 metric tons of market-sized shrimp.  The designed capacity for the farm is 400 tons, which will double to 800 tons in 2014.

 

Phase one of Prawn Farm 2, officially Zhongshan A Power Prawn Co. (ZSAPP), is now fully operational.  During the third quarter of 2013, it sold 258 million white shrimp postlarvae and over 100 million giant freshwater prawn (Macrobrachium rosenbergii) juveniles.  The design capacity of Phase One is 1.6 billion white shrimp postlarvae and 400 tons of market-size shrimp, which will increase to 3.2 billion postlarvae and 1,200 tons of shrimp through Phases II and III.  Phase II construction is scheduled to complete by the end of 2013, and Phase III by end of 2014.

 

Information: Solomon Lee, Chief Executive Officer and Chairman, Sino Agro Food, Inc., GZ Office, Room 3801, 38/F, Block A, China Shine Plaza, No. 9 Lin He Xi Road, Tianhe District, Guangzhou 510610, China (phone 6012-2004963, fax: 86-20-22057863, email info@siafchina.com, webpage http://www.sinoagrofood.com).

 

Source: Yahoo Finance/PR Newswire.  Sino Agro Food, Inc. Reports Nine-Month Results.  November 18, 2013.

Print This Page