Australis today said it had bought 2.5 million shares, or 10 per cent of the issued capital, of Western Kingfish Ltd (WKL) in exchange for the use of its technology and services.
Western Kingfish is spending $6 million redeveloping an aquaculture site, in waters near Jurien Bay, about 270km north of Perth, to produce yellowtail kingfish.
The facility is to become Western Australia's first major finfish production unit, with the first kingfish to be ready for harvest in 12 months.
It will be the second company in Australia to produce yellowtail kingfish on a commercial scale – after the $100 million South Australian-based Clean Seas Tuna Ltd.
Australis non-executive chairman and Western Kingfish founder Stewart Graham said it planned to joint venture with Western Kingfish to produce yellowtail in the US.
Source: The Daily Telgraph