Reference is made to the stock exchange notice dated 27 December 2022 regarding the strategic partnership for the Australian business, and the subsequent notice on 10 January 2023 regarding the approval of the transaction by the extraordinary general meeting.
Barramundi Group Ltd (“Barramundi Group” or the “Company”) (EURONEXT: BARRA), today is pleased to announce that the share sale agreement and shareholder agreements with Wild Ocean Australia Pty Ltd (“Wild Ocean” or “WO”) for Marine Produce Australia Pty Ltd (“MPA”) were signed.
The signing marks a significant and strategic milestone for Barramundi Group, as the Company’s search for a strategic Australian partner has been realised. The completion of the transaction is now awaiting the change of control approvals from certain stakeholders of MPA. Upon completion, Wild Ocean will now play a strategic role in driving the Australian business and operations, as well as co-leading the application for the 13 lease sites with the Australian State and Federal government and agencies.
CEO, Barramundi Group, James Kwan says, “This is indeed a significant milestone, as Barramundi Group’s 34% stake in Wild Ocean allows the Company to retain an effective 50.5% economic interest in MPA. It allows us to have a meaningful participation in the value creation generated from our application of these 13 new lease sites.” He adds, “Apart from strengthening MPA’s position as Australia’s only ocean-grown barramundi producer, we are also excited that Wild Ocean’s offerings from their Darwin Fish Market business will be made available to our premium customer network in Asia.”
As a result of the transaction, Jessie Lai will take over the Group CFO function, on the 1st of March 2023, allowing current CFO, Helen Chow to effect a smooth transition from this period till completion: at which point, Helen will officially step into her new role as CFO, MPA.
Jessie joined Barramundi Group as Group Accounting Manager in May 2021 and was promoted to Head of Group Finance in March 2022. With close to 10 years of working experience in audit and accounting, Jessie is engaged in the Group’s finance related matters including compliance, financial reporting standards and investor relations. In her prior roles, Jessie managed clients from listed and non-listed entities in various industries. She obtained her Accounting and Finance degree from Australia and is a member of CPA Australia.
We take the opportunity to thank Helen for her stellar service with Barramundi Group, and look forward to her continued contributions through WOA as an associated company.
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About Barramundi Group
Barramundi Group brings great-tasting premium quality fish to the world, with sustainability at our core. The Group’s mission is to help close the world’s protein gap by tapping into the potential of barramundi. Through pioneering, world-class research and technology, their sustainable best practices enable them to produce responsibly-farmed barramundi while safeguarding the world’s oceans and environmental resources.
As one of the largest barramundi producers in Asia Pacific, Barramundi Group operates through a unique end-to-end aquaculture model, with comprehensive in-house capabilities ranging from vaccine development, recirculating aquaculture systems, ocean net pen and land-based nurseries and farms, as well as end-product innovation and seafood processing.
The Group enjoys a robust commercial reach across key markets including Singapore, Australia, China, Hong Kong, South Korea, and the U.S. Barramundi Group’s future growth plan looks to tap into the growing global demand for barramundi and the overall consumer trend towards sustainable produce.