China fish firm gobbles £10m

 
Michael Bow
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A CHINESE fish food company is set to list on the junior stock market tomorrow after raising close to £10m from investors.

Aquatic Foods Group, which is based in the Shandong Province, has sold shares worth £9.3m to investors, giving the business a £79.3m price tag.

The company specialises in producing frozen seafood for China’s growing middle classes, and also has a healthy export business under its Kanwa Foodstuffs brand.

“Our decision to list on Aim makes perfect sense for Aquatic Foods Group as we look to take our business towards the next stage of its development,” the company’s chief executive Li Xianzhi said.

Turnover at the business rose from 276.4m renminbi in 2011 to 667.3m renminbi in 2013.