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Asia Pacific: Singapore company invests in abalone processor

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Singapore’s seafood supply chain manager, Oceanus Group Limited, has entered into a collaboration agreement with Australia-based abalone processor and retailer, BNY Abalone World Factory Outlet Pty Ltd (BNY) to further sales expansion into the Melbourne, Sydney and Asia-Pacific markets.

To grow in the long term, Oceanus “look forward to own an abalone processing footprint in Australia, which is known to adhere to strict international standards for food safety, as well as a duty free shop in Gold Coast for access to the consumers market,” says CEO Peter Koh.

With the agreement, Oceanus will own 60% of BNY, and the latter will be renamed Oceanus Australia Abalone World Pty Ltd (OAAW).

OAAW will focus on production, quality control, formulation of new recipes, managing of the duty free store in Gold Coast and driving domestic sales within Australia.

Oceanus and BNY will work closely together in research and development activities to develop new technologies for the production of abalones, formulating new ingredients and developing new products.

OAAW will also incorporate a joint-venture company and international sales office in Singapore, Oceanus Australia Abalone World (S), which will take care of international sales, procurement of farm abalones in China, trade facilities and finance.