Wild Ocean Australia forms strategic partnership with Singapore’s Barramundi Group

Wild Ocean Australia (WOA) has entered into a strategic partnership with Singapore-based seafood company the Barramundi Group, after the latter entered into a letter of agreement for the sale of 75 per cent of it’s stake in its Australia business under Marine Produce Australia (MPA).

The sale was completed for a consideration of AU$1.6 million cash with a further earn out payment of AU$3.4 million to be disbursed upon the approval of at least four of the 13 additional seawater site leases in Kimberley, Western Australia.

The agreement also includes the Barramundi Group obtaining ownership of 34 per cent of WOA’s shares, which allows the company to retain effective equity majority interest in MPA and gain access to a wide variety of Australian seafood products for its other markets.

The Barramundi Group said the partnership secures its continued involvement in the development of the earlier announced Kimberley Ocean Barramundi Project. This will allow for significant expansion of MPA’s capacity in the region across 13 seawater sites that will ultimately allow the sustainable production of up to 30,000 tonnes annually.

The transaction is subject to final due diligence and shareholders’ approval at the extraordinary general meeting set to be held on January 10, 2023.