Jade Marvel inks JV to venture into frozen seafood processing and sales
06 Dec 2021
Jade Marvel Group Bhd has inked a joint venture (JV) and shareholders agreement with YHL Foods Sdn Bhd (YHLF) and YHL Jadem Frozen Sdn Bhd (YHLJF) to provide services linked to frozen seafood processing and cold storage facilities as well as sales.
In a bourse filing Monday, Jade Marvel said under the agreement, it will hold 60% of YHLJF while YHLF shall hold 40% of YHLJF shares.
On the rationale for the deal, Jade Marvel said it represents a strategic opportunity for the group to expand its businesses into frozen seafood business and provide an additional revenue stream.
On the outlook, the firm said it is optimistic that the future prospects of the business of YHLJF would be positive.
“The board envisages that the JV will contribute to the future earnings and growth of the Jade Marvel group,” it said.
At 11.29am, Jade Marvel fell 3.68% or 2.5 sen to 65.5 sen with 1.85 million shares done.
Source: The Edge Markets