Small cap traders issued a research report on Sino Agro Food Inc (OTCBB:SIAF). As per the report, the company’s new area of interest is aquaculture. The company is actively involved in the industry of agriculture technology and organic food mainly in the Republic of China.
Sino Agro recently provided an update on its strategic plan that will complement operational performance with other significant corporate measures to unlock shareholder value. The main points of the release included updates on long-term vision and goals, the future of shares and the selection of a new CFO.
The company intends to become a pioneer name in the sustainable aquaculture company. In this process, it can opt for divestiture of other operations, either through separate listings or opting for mergers and acquisitions. The other goal of the company is to list its share on the Oslo Stock Exchange and in the process will take help of financial advisor Arctic Securities. Regarding new appointment, the company disclosed selection of Mr. Bertil Tiusanen as CFO effective May 1.
Sino Agro is turning its focus on the lucrative segment of aquaculture, as it is considered to be the highest revenue generating division of the company. Last year, the segment recorded gross profits of more than $70 million and accounted for over 50% of total gross profit. Also, the revenue came at $229 million, again accounting for half of total revenue of the company.
Sino Agro intends to scale up its Zhongshan Prawn Project with the first 2000 metric tons of yearly production starting this summer. It will also spin off its non-aquaculture business leading to additional cash to support aquaculture business.
In last trading session, the stock price of Sino Agro Food Inc (OTCBB:SIAF) gained more than 1% to close the trading session at $15.20. The gains came at a share volume of 166,063 compared to average share volume of 90,724.