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Singaporean abalone farmer signs MoU to expand in China

The company signed an agreement to sell it abalone at WSRC center in Sichuan province.

Singaporean seafood company Oceanus Group signed a memorandum of understanding (MoU) with WSRC Holding Pte Ltd to expand its abalone and seafood business in China, reports Business Times.

WSRC agreed to purchase 250 packs of Oceanus' canned abalones, or a sales equivalent of SGD 250,000 (€161,770/$180,595), whichever is higher.

The company will also aim to purchase at least 500 packs, or a sales equivalent of SGD 500,000 (€323,539/$361,190), whichever is higher, within a year of the start of the MOU on June 13, 2017.

A premium retail outlet will be set up to sell Oceanus' abalone and other processed seafood products at the WSRC-Chengdu Integrated Business & Halal Center in Chengdu, Sichuan province.

WSRC is a company incorporated in Singapore and specializes in real estate, property management, infrastructure investment and trading.

"With WSRC's extensive network and deep market knowledge, we are optimistic on the prospects of our business-to-consumer expansion into the PRC to enhance shareholder value,” said Peter Koh, Oceanus executive director and CEO.

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