News & Views Industry Update
Barramundi Group secures $11M for Brunei expansion

Barramundi Group Ltd. announced its Brunei operations have secured a facility offer of BN$15 million (US$11 million) from a Bruneian financial institution.

The facility, subject to finalization and completion, will be used to fund the first phase of the Brunei expansion and pivot to BG 2.0. 

The financing will facilitate the construction of a RAS broodstock and hatchery centre, complementing the existing RAS Nursery operations, and the immediate deployment of sea cages at its existing sea lease, Pelong Rocks. This deployment is slated for mid-2024.

“With the new broodstock and hatchery facility, the Brunei operations will be able to capitalize on the genetic nucleus from our Singapore broodstock – naturally bred and selected over 20 years – to spawn and culture fry and fingerling within Brunei,” a press release from the company states.

The capacity of this facility will allow Brunei to be sufficient not only for the Phase 1 Pelong Rocks grow-out cages, with an annual capacity of 1,000 tonnes but also for Phase 2 requirements of the planned 3,000 tonne land-based RAS facility.

The immediate deployment of Pelong Rocks will help to smoothen the gap in production and revenues and allow the company to re-enter the China market – one of its largest and key markets, previously unreachable with a Singapore-grown product.

“The securing of this initial funding, in the present economic climate, and following the many difficulties the Group has faced in recent years, is encouraging. We now focus on the work ahead to establishing the funding requirements of Phase 2 of BG 2.0, as well as the Group,” the company said in a press release.