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LOCAL premium seafood supply chain manager, Oceanus Group Limited announced that it has entered a memorandum of understanding (MOU) with WSRC Holding Pte Ltd to expand its abalone and seafood business in China.
WSRC has agreed to purchase 250 cartons of Oceanus' canned abalones, or a sales equivalent of S$250,000, whichever is higher.
The company will also aim to purchase at least 500 cartons, or a sales equivalent of S$500,000, whichever is higher, within a year of the commencement of the MOU on June 13, 2017.
WSRC manages the WSRC-Chengdu Integrated Business & Halal Center in Chengdu, Sichuan province, and a premium retail outlet will be set up in the integrated development to sell Oceanus' abalone and other processed seafood products and expand the distribution of the products in western China.
The retail outlet is expected to commence operations in FY2017.
Oceanus executive director and chief executive officer, Peter Koh, said: "This is a significant milestone for Oceanus' turnaround roadmap. With the clean-up almost behind us, we are focused on driving Oceanus' top and bottom-line growth this year. This valued partnership with WSRC puts us on track to rebuild Oceanus' growth engines to propel us forward."
"With WSRC's extensive network and deep market knowledge, we are optimistic on the prospects of our business-to-consumer expansion into the PRC to enhance shareholder value. Carrying the trusted Singaporean brand and being halal certified, our premium canned abalones are uniquely positioned to capture the significant halal market in China estimated to be worth US$17 billion. Processed in Australia, our products are also free of MSG and preservatives, which we expect to be well received amid greater awareness for food safety and health-conscious consumers in China," added Mr Koh.