BANDAR SERI BEGAWAN – Barramundi Group, which is set to operate Brunei’s largest sea bass farm, has announced plans to launch an offering of shares and list its shares on the Euronext Growth Oslo stock exchange.

In a statement issued on Wednesday, the Singapore-based aquaculture company said growing global demand for sea bass and sustainable consumption have prompted its decision to pursue a public listing.

The Group said it will be the first Australasian company and first aquaculture player that specialises in a tropical species on an industry level to be listed on the exchange.

“We believe that this listing will enable us to fully capitalise on the growing global middle class and skyrocketing demand for high-quality proteins that are raised responsibly, with minimal carbon and oceanic impact,” said Andreas von Scholten, chief executive officer of Barramundi Group.

The listing is expected to help the Group further industrialise production across its three ocean farm sites in Australia, Singapore and Brunei, as well as expand its market share.

Barramundi Group is developing a $300 million sea bass farm at Brunei’s Nankivell Offshore Aquaculture Site, with an area of 6,613 hectares.

A 25-hectare site in Kampung Meragang was also earmarked for a hatchery and nursery for the production of sea bass juveniles to be supplied to offshore fish cages.

The sea bass farm, which is expected to operate at full capacity by 2032, planned to increase the volume of fish production to 36,000 metric tonnes worth $324 million a year.

In June, the company said it was aiming to produce a relatively modest 3,000 tonnes in its first phase within the next five years.

Asian countries are expected to account for 70 percent of global fish consumption by 2030.

“With the global population expected to reach almost 10 billion by 2050, the Group recognises that there is a significant opportunity for barramundi as a tropical fish species to help address the growing global protein challenge,” the statement read.