The biggest yellowtail kingfish producer outside of Japan, Clean Seas Seafood, has completed a AUD 9.5 million (€5.7 million/$6.2 million) share placement in order to fund the downsizing of its business.
The decision to reduce production comes as part of an indepth operational review undertaken in response to several constraining factors the company is faced with.
In a notice to investors Friday, Clean Seas said it is facing "significant" increases in feed prices -- due to global supply constraints -- alongside flattening demand, as cheaper alternative proteins take share in its key domestic and international markets.
