October 11, 2013
Saudi Arabian fisheries firm to build aqua feed plant
Saudi Arabia Fisheries Company (Alasmak) has approved the establishment of an aquatic feed factory to be located at the site of their main shrimp and fish processing plant in Al Huraidha, Asir Province.
The feed mill will have an initial production capacity of 20 tonnes/hour, the equivalent to 96,000 tonnes/annum. The feed produced will help to support the fish and shrimp farming operations of the company.
With the new feed mill, the company is looking to reduce its production costs by up to 30%, and will also allow the company greater control on the quality of their fish feed, as well position the company to take advantage of subsidies provided by the state.
A portion of the company's rights initial public offering (IPO) issue proceeds will be used in financing in the establishment of this plant. An open-water cage fish breeding farm of 5,000 tonnes/annum capacity was also approved at the board meeting.