Zhangzidao Fishery To Invest $100M In South Korea

Date:2011-09-06lile  Text Size:

September 6 -- Dalian Zhangzidao Fishery Group (002069) plans to invest up to $100 million in South Korea to build breeding and processing facilities for sea cucumber and abalone, reports National Business Daily, citing a company filing.

The local government has committed to grant an abalone breeding license to Zhangzidao Fishery by June 30, 2012, and provide preferential policies needed for the program. The investment is pending the approval of the company's board and relevant government authorities.

Zhangzidao Fishery plans to generate sales of more than 10 billion yuan in 2015. To achieve the goal, the company entered the sturgeon breeding business, aiming to achieve annual sales of one billion yuan after 10 years.

The company expanded its controlled sea area by 800 million square meters in 2010, and plans to add 133.33 million-2 billion square meters of controlled area this year.

Zhangzidao Fishery previously announced that it will grant 10 million stock options to 142 of its core employees. The strike price was fixed at 29.5 yuan a share, with the condition that the company's annual net profit growth for the next three years shall not be below 25 percent.


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