KUALA LUMPUR: Jade Marvel Group Bhd (JMG) is venturing into an integrated frozen seafood processing plant together with YHL Foods Sdn Bhd in Bio Desaru, Kota Tinggi, Johor.
JMG said in a filing with Bursa Malaysia on Monday it had signed an MoU for the proposed plant with cold storage facilities.
Low Yuan Heng holds 90% of YHL and is also YHLF’s sole director with vast experience in breeding and marine cultivation, project management, international trade sales, and marketing within the aquaculture industry.
Both YHLF and Low are owners of a company involved in the aquaculture business, including the processing and production of seafood.
Under the MoU, JMG shall hold 60% of JV company shares and YHLF the remaining 40%.
JMG said the MoU allows it to leverage on the expertise and experience of YHLF (via Low) and enable the company to explore new business opportunities in integrated processing and production of frozen seafood.