Seafarms Group Limited (AU:SFG) has released an update.
Seafarms Group Limited has announced the sale of two of its Queensland farms to Mainstream Aquaculture, enabling the company to streamline its operations and focus on its core strategy for Project Sea Dragon, which involves the breeding, farming, processing, and exporting of Black Tiger prawns. The deal includes a leaseback arrangement for Seafarms’ processing plant, ensuring continued operations in prawn aquaculture at their remaining facilities. The transaction, valued at $13.5 million plus GST, is set to complete by April 30, 2025, and is expected to provide funding for the expansion of Project Sea Dragon.
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