Jade Marvel teams up with YHL Foods in frozen seafood venture

KUALA LUMPUR: Jade Marvel Group Bhd has entered into a partnership with YHL Foods Sdn Bhd to provide services in the processing and sale of frozen seafood and cold storage facilities.

It said in a bourse filing that it will own 60% of the joint venture company, YHL Jadem Frozen Sdn Bhd, while YHL Foods will own the remaining 40%.

"Both YHLF and Low Yuan Heng [its 90% shareholder] are owners of a company involved in the aquaculture business, including processing and production of seafood and their participation in the joint venture allows JMGB to leverage on the expertise and vast experience of Low Yuan Heng in breeding and marine cultivation, project management, international trade sales and marketing within the aquaculture industry, which in turn, will enable the group to venture into the business of integrated processing and production of frozen seafood," said Jade Marvel.

Shares in Jade Marvel were halted for trading until 10am owing to the announcement. The stock last traded at 68 sen a share last Thursday.
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Jade Marvel , YHL Foods , seafood


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