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Singapore’s China Fishery (CNFG.SI), which recently started fishing in waters off Mauritania, hopes Africa will not only be a source of fish but also a new market that will supplement its core China business.
“China continues to play a very important role but we do see Africa as up and coming,” Managing Director Ng Joo Siang told Reuters, adding the continent could account for 20-30 percent of total sales in 3-4 years from less than 7% currently.
China Fishery expects to invest more in Africa by opening fish-processing factories in Mauritania, and it is on the lookout for possible acquisitions that would help it grow its fishing fleet, he added during an interview on Thursday.
China Fishery, which is part-owned by U.S. private equity firm Carlyle, is based in Hong Kong but listed in Singapore. It operates a fleet of about 80 fishing vessels and supplies the bulk of its catch to China.
It harvests and processes mainly Alaskan pollock in North Pacific waters and also operates along Peru’s coast where it catches anchovies and turns them into fishmeal.
By expanding into Mauritania, China Fishery obtains not just new fishing grounds but also the means to use its vessels more efficiently during the off-peak season in the South Pacific.
