Two Namibian fishing companies inked a joint venture agreement with South Korean firm Insung Corporation, which will inject NAD 90 million (€6.7 million/$7.3 million) into the construction of storage facilities, reported New Era.
Atlantic Crab Namibia is a joint venture between two Namibian crab right-holding companies, Aquamarine Fishing Company and Tukondja Trading Enterprises, as well Insung Corporation from South Korea.
The Namibian companies hold a 51 percent stake in the partnership, with the remaining 49 percent held by Insung. The local subsidiary, Insung Namibia, held a groundbreaking ceremony in Walvis Bay last month, where it announced the investment in the construction of a cold storage facility, to be carried out in two phases.
The
