BANDAR SERI BEGAWAN – The Oman Brunei Investment Company (OBIC) has acquired a 50 percent share of aquaculture company Golden Corporation.
The two companies signed an agreement at the Oman embassy in Brunei on Wednesday, marking the first OBIC investment in Brunei Darussalam since its establishment in 2009.
The value of the sale was not disclosed.
OBIC is a joint venture between the State General Reserve Fund of Oman and Brunei Investment Agency, while Golden Corporation is a foreign direct investment (FDI) company from Taiwan that produces blue shrimp.
In an interview with The Scoop, Golden Corporation Managing Director Richard Chuang said OBIC’s investment will enable the company to utilise local marine resources and increase their aquaculture products for more export opportunities.
He said the company, which established the first integrated seafood processing plant in Brunei in 2012, plans to expand the production of blue shrimp.
The blue shrimp is exported to countries including South Korea, Japan, China and the United States.
“This [blue shrimp] is a domesticated species in Brunei that’s very famous in the world and the demand is there. Through this investment, we can expand our shrimp farming and increase our overall production,” he added.
Chuang said building more [seafood] processing plants is also part of their future plans to produce a variety of aquaculture products in Brunei.
In a statement issued by the Oman embassy, Chief Executive of OBIC Fathi Al Balushi said the acquisition represents a new milestone for the joint venture since this is their first investment in the food and beverage sector.
“OBIC’s initial investments have been in Oman, however OBIC management’s aspiration is to invest further in Brunei and identify suitable investment opportunities that align with the fund’s strategy,” he said.
Fathi added that the joint venture intends to explore new sectors and market segments in both countries, including education, agriculture, food and services.