Singapore-based whitefish farmer Barramundi Group said Wednesday it has secured BND 15 million (€10.3 million/$11.1 million) in financing from a Bruneian financial institution to develop its Brunei operations.

The company said the money will be used specifically to build a recirculating aquaculture system (RAS) broodstock and hatchery to complement its existing RAS nursery operations.

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It will also be used for the "immediate deployment" of sea cages at its existing sea lease at Pelong Rocks in Brunei.