Click here for yesterday's Snippets Fish farming group, Cell...

Click here for yesterday's Snippets Fish farming group, Cell Aquaculture Limited (CAQ), has designed a heads of agreement and received deposit payment from the Terengganu Agrotech Development Corporation (“TADC”), a wholly owned entity of the Terengganu State Government, Malaysia. Under the terms of the agreement CAQ and TADC will, subject to the parties entering into a formal agreement and TADC committing funding of $10 million for the JV company, form a Malaysian JV contact to establish a 500 ton per annum land based cell production system in the state of Terengganu, Malaysia. CAQ said they would hold 30% and TADC would hold 70% of the issued capital in the JV company. The establishment of the JV will generate significant revenue for CAQ from sales of cell proprietary, license fees and fingerling supply (baby fish) from CAQ’s hatchery, the firm said. CAQ advised that their equity holding in the JV company would also result in significant ongoing sustainable revenues to CAQ from fish sales. Furthermore, under the agreement the parties have decided to evaluate several research, development, licensing, manufacturing and processing opportunities, with a view to future development.