Singapore PE fund to build 10,000 tonne land-based salmon farm
Friday, December 13, 2019, 00:00 (GMT + 9)
Atlantic salmon will be locally produced in a clean and fresh environment in Brunei Darussalam, via a state-of-the-art land-based aquaculture facility, which is the first and largest of its kind in South-east Asia.
The Strategic Development Capital Fund under the Ministry of Finance and Economy (MoFE) on Tuesday (DEc 10) signed a Memorandum of Understanding (MoU) with 8F Asset Management Pte Ltd, a private equity fund management company from Singapore.
(Left) Yang Berhormat Dato Seri Setia Doctor Awang Haji Mohd Amin Liew bin Abdullah, Minister at the Prime Minister's Office and Second Minister of Finance and Economy, while on behalf of 8F Asset Management Pte Ltd, the MoU was signed by its Chief Executive Officer, Karim Ghannam.
Minister at the Prime Minister’s Office and Minister of Finance and Economy II Dato Seri Setia Dr Awang Haji Mohd Amin Liew was the guest of honour at the signing ceremony at The Empire Brunei.
The MoU formalises the intention to invest in a land-based farming facility for Atlantic salmon, using recirculating aquaculture system (RAS), with the capacity of 10,000 tonnes whole-fish-equivalent per annum.
Pure Salmon benefits from the world’s most advanced, sustainable and environmentally friendly aquaculture solution: Recirculating Aquaculture Systems (RAS)
The facility will be run and supported by Pure Salmon Pte Ltd, which is the global operating company for 8F’s investments. It will provide a range of expertise to the facilities globally, through its team of industry veterans in hatchery, production, processing, purchasing, quality assurance, distribution and brand management.
With the land-based RAS facility, over 99% of the water is recirculated using proprietary, cutting-edge filtration and oxygenation systems.
YouTube video: Pure Salmon
The system ensures that the water is free from plastic, diseases and sea lice, which would in turn negate the use of any antibiotics or pesticides, a problem being faced by the majority sea-cage farming methods.
The project is expected to generate 145 employment opportunities, once operational. Additionally, the facility will supply salmon products such as fillets and smoked salmon domestically and regionally.
It is also hoped to boost Brunei Darussalam’s appeal as a preferred destination for foreign direct investments (FDIs).
CEO of 8F Asset Management Pte Ltd Karim Ghannam said, “Brunei is leading by example, which is not only forward-looking and ahead of other countries in the region, when it comes to innovation and sustainable food production.”
“Consumers are increasingly aware of food safety, health, traceability and environmental concern which are all driving the demands for sustainably and responsibly produced food.”
The Brunei government is leading efforts towards the nation’s food security and to be more self-sufficient, relying less on foreign imports.
“Growing Atlantic salmon caters for growing demand for fish protein. Besides providing clean and healthy Atlantic salmon farmed locally, the facility is also expected to create jobs and contribute to the local economy, while serving as a model for other countries to follow.”