Family-owned Australian seafood company Kailis Bros has sold 90 percent of its seafood processing, wholesale and export business to a Chinese conglomerate, reported ABC Online.
The value of the deal with Hong-Kong listed Legend Holdings, announced late on Wednesday, was not revealed.
Under the sale, Kailis Bros' seafood processing, wholesaling and exporting business will become part of a newly formed venture between the two companies, called KB Foods.
The deal does not include Kailis Bros' Leederville restaurant and retail outlet or the Perth Fish Markets, which will remain owned by the family.
Matthew
