Penang development company sells under performing aquaculture business

The Malaysian government owned Penang Development Corporation (PDC) has sold its stake in an under performing aquaculture firm. The PDC sold its 60 percent stake to joint-venture partner GST Seafood suppliers (GST) for US$414,000 making a profit of US$84,400. In contrast, its initial investment in PDCA was MYR 1.035 million (US$329,600).

As well as deciding to sell its equity, the PDC board has moved to lease its aquaculture location in Batu Kawan to GST for 15 years in a deal worth US$987,195. This is all part of state development agency PDC’s new strategy of Competency, Accountability and Transparency management to maximise its use of assets, explained Penang Chief Minister Lim Guan Eng. Read more...

This blog is written by Martin Little The Aquaculturists, published and supported by the International Aquafeed Magazine from Perendale Publishers.