Barramundi Group secures over $11M to fund its Brunei expansion

Barramundi Group has announced that its Brunei operations have received an offer of BND 15 million (around 11.25 million US Dollars) from a Bruneian financial institution.

With this fund, the first phase of the Brunei expansion and pivot to BG 2.0 will be completed. In more detail, a RAS broodstock and hatchery center, complementing the existing RAS nursery operations will be built. Also, sea cages at its existing sea lease will be developed.

According to a statement released by the Group, thanks to the new broodstock and hatchery facility, its Singapore broodstock genetic nucleus can be capitalized by the Brunei activity to spawn and culture fry and fingerling.

An opportunity to "re-enter" the Chinese market

The Phase 1 Pelong Rocks grow-out cages, with an annual capacity of 1,000 tonnes, and Phase 2 requirements of the planned 3,000 tonnes land-based RAS facility will be met with the new Brunei facility capacity.

Pelong Rocks implementation will smooth the gap in production and revenues and allow the Group to "re-enter" the Chinese market, previously unattainable with a Singapore-grown product.

Barramundi Group confirmed that the securing of this initial funding is "encouraging", due to the actual economic situation and the challenges it has faced in recent years. "We now focus on the work ahead to establish the requirements of Phase 2 of BG 2.0, as well as the Group."