KUALA LUMPUR, Dec 13 — Xinghe Holdings Bhd, which currently relies on its edible vegetable oil business in China, is transforming into an aquaculture-based food producer following the completion of its acquisition of a prawn farm in Tawau, Sabah, and related facilities and assets today. The ACE...
KUALA LUMPUR, Dec 13 — Xinghe Holdings Bhd, which currently relies on its edible vegetable oil business in China, is transforming into an aquaculture-based food producer following the completion of its acquisition of a prawn farm in Tawau, Sabah, and related facilities and assets today.
“We are very glad that the two acquisitions are finally completed, almost one year since we announced the plan. Today’s completion marks the first business venture outside of China and we are excited about the plans going forward,” Xinghe chairman Ng Min Lin said in a statement today. The sale and purchase agreements completed today involved a piece of 97.9-hectare land in Tawau for RM12.5 million, and all ponds, other land improvements, buildings, plant and machinery equipment, motor vehicles, livestock and consumables for RM87.5 million.The seawater prawns are mainly exported in unpeeled and frozen packs to distributors in South Korea, Vietnam and China.
Ng said Xinghe’s current business as edible oil producer had been affected by China’s campaign against environmental pollution in the smog-prone region of northern China.
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