Barramundi Group has secured BND 15 million (USD 11.1 million) from a Bruneian financial institution to develop its Brunei operations.

The facility, subject to finalization and completion, will be used to fund the first phase of the Brunei expansion which includes the construction of a RAS broodstock and hatchery center, complementing the existing RAS nursery operations, and the “immediate deployment” of sea cages at its existing sea lease at Pelong Rocks.

“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. 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 company said.

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