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Asmak, Royal Group ink $114.34 deal

03 Jan 2011

(MENAFN) Mohammed Helal al Muhairi, a vice chairman of Asmak or The International Fish Farming Holding Company, said that the company signed an agreement with Royal Group of Abu Dhabi for providing Asmak with $114.34 million to be invested and thus raise profits, reported The National.

The chairman added that Royal Group would buy two-year convertible bonds from Asmak and that the latter would use the money for further expansion in aquaculture and fisheries as well as new areas in order to increase shareholders’ profits.

Royal Group, a holding company based in Abu Dhabi, could become a major shareholder in Asmak after bonds mature in two years.

It is worth noting that Asmak announced losses around $280,000 for the third quarter of 2010 compared with around $518,000 loss in the same period in 2009.

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