Shetland Catch spend $1m to open huge Asian market Published: 29 August, 2003
Scottish processor Shetland Catch is investing $1m into a Korean company to sell its produce across Asia.
A SCOTTISH processor is investing $1m into a Korean company in a bid to open the Asian market for its herring and mackerel.
Shetland Catch is buying 10% of major Korean fishery company, Fishround Inc.
Fishround Inc, along with another company Kwang Myung AB, will be the sole importers of Shetland Catch herring and mackerel into Korea so this move marks a particularly important step for the Shetland-based pelagic processor.
Derek Leask, the managing director of Shetland Catch, said: “Fishround Inc is particularly active in the mackerel business and is our main customer in this strategically important and growing market. Shetland Catch will acquire 10 per cent of the share value of Fishround Inc for a price in excess of $1 million. The acquisition will be formally completed within the next few weeks once legal formalities are concluded.
“The new move will be very important for us, providing Shetland Catch with opportunities to access new markets and generating greater awareness of the company worldwide. As one of the most dynamic fish companies operating in Asia, Fishround Inc has quickly become a market leader in Korea and this should certainly allow us to consolidate our present business into this market.”