Asmak takes 40pc in Greek venture

25 November 2001 | Gulf News, Abu Dhabi - Staff Reporter

International Fish Farming Co (Asmak) has acquired 40 per cent equity in Greek venture Feedus as part of its long-term integration plan.

"This is our first international investment. We have allocated a total of Dh61 million for integration projects which will range from the development of distribution and marketing networks to the manufacture of fishing equipment," Mohammed Al Muhairi, Asmak chairman, told the UAE Offsets Group News.

Greece's Nireus also holds 44 per cent, Aristides Belles 9.6 per cent and Nick Haviaras 6.4 per cent in Feedus, which specialises in producing high energy extruded fish feeds in Patras, west of Greece.

The company is examining the possibility of producing pet foods as the process involves the same technology used for producing fish feed. It may also be listed on Athens Stock Exchange.

"Feedus provides us a platform to acquire technology and knowhow to set up a fish feed manufacturing facility in the UAE. We are keen on developing such a venture in partnership with international players once the local and regional markets gain critical mass and are able to take regular supplies from an indigenous manufacturer," said Al Muhairi.

Feedus, which started operations in 2000, is the first fish feed producer in the world using 100 per cent non-mammal origin raw materials in its whole product range.

Asmak also plans to set up a fish trading and processing unit in Muscat's Rusayl industrial area. The new venture, Ocean Fish of Oman, will be owned 35 per cent by Asmak, 35 per cent by Nireus and 30 per cent by Omani company Cyclone.

This will enable Asmak to further specialise in producing high quality fish for local and international markets.

Bright prospects are seen for Asmak's products in the GCC, especially in the UAE, which has one of the highest fish and seafood consumption rates in the world with average per capita intake of over 50 kilos a year.

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