Sino Agro Food Inc (OTCBB:SIAF) has been making a lot of progress with its holdings in China. The company recently appointed Mr. Peter Rosta, as the new CEO of the company’s beef subsidiary. Additionally, the company had also announced plans to develop the world’s largest freshwater prawn farm in the country. The project is to be completed in three phases, within the next 20-years. Once completed the farm would have an annual capacity of 300,000 MT and would be governed by green practices.
The new CEO at the company’s beef subsidiary has 20-years of experience and a number of relationships throughout the industry in China as well as Sweden. Additionally, Mr. Rosta is the director of several companies throughout Europe and Asia. His last position was the Director of Swedish Chamber of Commerce in China and Hong Kong. The company would be hoping to cash in on these links and experience to expand their business.
Coincidently, the subsidiary has also been invited by the state government, to participate in the acquisition of two beef subsidiaries. The two companies fall under the Sanjiang Group and have assets worth of $15 billion. SIAF has asked Burnham Securities to assist in analyzing the transaction and potential benefits.
About its new facility, SIAF revealed that the goal of the project is to create a base, which caters to the needs of sustainable aquaculture and aquaponics production. The new base will also practice social, environmental, economical and biological responsibilities. Additionally, the large facility will also host an educational zone, with a demonstration prawn farm zone. The demonstration zone would be left open for public, which the company hopes, will help build better investor relations. Currently, phase 1 of the project is nearing completion, which includes housing for 120 workers. The plant should be operational very soon, with the remaining phases being completed as per need be.
Sino Agro Food Inc (OTCBB:SIAF) closed at $16.30, after losing 0.91% on May 22. The company has 18.2 million shares being traded in the market, with a 52-week range of $3.71-$17.43.