Property and construction player Jade Marvel is looking to diversify its business into seafood with an MOU signing to establish a processing plant in Johor.
The collaboration with YHL Food Sdn Bhd signifies a new venture that will be completely new for its portfolio, under the agreement the parties have agreed to set up an integrated frozen seafood processing facility with cold storage facilities at Bio Desaru, Kota Tinggi, Johor.
- YHLF is principally an investment holding company with vast experience in breeding and marine cultivation, project management, international trade sales and marketing within the aquaculture industry. Both YHLF and the owners are involved in the aquaculture business, including processing and production of seafood.
- According to Fishery Department figures, Malaysia produces about 1.5 million mt of fishery products annually of which about 85% are marine capture fish, the rest aquacultural production. The total value of the fisheries output is more than US$1.5 billion a year. In this respect the frozen seafood business has seen tremendous growth over the years as online delivery and grocery ecommerce platforms mushrooming in the past couple of months.
Jade Marvel formed in 1980 has its fingers in various industries among them property, construction, investment and manufacturing of asphalt.
