KUALA LUMPUR: Jade Marvel Group Bhd has entered right into a partnership with YHL Foods Sdn Bhd to supply companies in the processing and sale of frozen seafood and chilly storage services.
It stated in a bourse submitting that it’ll personal 60% of the joint venture firm, YHL Jadem Frozen Sdn Bhd, whereas YHL Foods will personal the remaining 40%.
“Both YHLF and Low Yuan Heng [its 90% shareholder] are homeowners of an organization concerned in the aquaculture enterprise, together with processing and manufacturing of seafood and their participation in the joint venture permits JMGB to leverage on the experience and huge expertise of Low Yuan Heng in breeding and marine cultivation, undertaking administration, worldwide commerce gross sales and advertising and marketing inside the aquaculture trade, which in flip, will allow the group to venture into the enterprise of built-in processing and manufacturing of frozen seafood,” stated Jade Marvel.
Shares in Jade Marvel had been halted for buying and selling till 10am owing to the announcement. The inventory final traded at 68 sen a share final Thursday.