Shrimp branded De Costi Seafoods, belonging to Tassal. (Photo: De Costi Seafoods)
Tassal considers shrimp farm acquisition
Friday, August 10, 2018, 23:20 (GMT + 9)
Tasmanian-based salmon and seafood company Tassal intends to acquire shrimp farms in New South Wales and Queensland.
The firm told the Australian Security Exchange (ASX) it had entered discussions about the possible purchase of one of its suppliers, which had prawn farms at Yamba, Hamilton Bay and Mission Beach.
However, the firm stated that negotiations and possible purchase terms are incomplete and not finalised.
It clarified that no formal binding purchase agreement has been signed and accordingly, there is no certainty that a transaction will eventuate.
Certain references to Tassal being interested in purchasing an aquaculture business are referred to in a filed document relevant to a planning approval matter.
”Tassal continues to investigate strategic growth opportunities that support a sustainable seafood business and strong returns to shareholders,” it said.
The firm explained that its acquisition of De Costi Seafoods is a prime example of Tassal unlocking large synergies in the seafood supply market and that opportunities must present strong competitive advantages to be pursued.
Tassal will keep the market informed of any material developments to this position.