Singapore-headquartered fishing farming company Barramundi Group has confirmed that it has been exploring strategic options for its Australian operations and has now decided to also consider a complete divestment of the business.
Barramundi has been looking to find a partner in Australia. In a press release, the company said that the move follows discussions with various potential investors.
In April 2022, the company applied for 13 new licenses to grow operations from the current volume of approximately 1,600 tonnes of yearly harvest volume into a long-term volume of 30,000 tonnes per year.
“This growth will require funding of a scale that cannot be borne by Barramundi Group alone,” it said.
“As the half-yearly report released 30 August 2022 shows, the Australian business is currently not profitable. Management is actively working on pricing adjustments and cost saving measures which are expected to result in improved margins that will bring the business closer to profitability.”
Barramundi said an update on the progress on this project will be given no later than in the Q3 business and financial update, scheduled for 29 November 2022.
Founded in 2008, Barramundi Group produces around 2,000 tonnes of barramundi annually across sites in Australia, Singapore and Brunei.
