Capital revamps marine arm

CAPITAL Asia has put its wholly owned subsidiary, Fisherton Holdings in charge of its marine products businesses in Hong Kong, China, the Philippines, Indonesia and the Pacific Islands.

The group, which plans to expand its scope of business is to also buy a fishing boat for long distance operation.

''Fisherton has a well-established marine products trading business and fishing rights in the Pacific region, and will negotiate with other territories for the joint development of marine business,'' said Alex Wong, chairman of Capital Asia.

After acquisition of Indopac Fund, V Whale and Hong Kong Fish Farming Industrial, Fisherton obtained fishing rights and marine products trading businesses in Southeast Asia and in some Pacific islands.

The company is also involved in fish-farming and processing in China.

Mr Wong said because the demand for marine products was rising yearly in Hong Kong and on the mainland, the marine products business had good potential for future development.

Prices of high-value live fish were also increasing, he said, adding that fish farming was one of the major sources of income for Fisherton. V Whale has been in the high-value marine products-trading and fish-farming businesses in Hong Kong and China for almost 10 years.

Last year, a fish farm for eels, turtles and crayfish was established as a joint venture with the Raoping Development Co, a wholly owned subsidiary of Guangdong Kingman Group Co.

The farm is in Raoping County, Guangdong.

At the end of last year, Fisherton acquired Hong Kong Fish Farming Industrial, which farms and trades fish in Hong Kong and China.

Hong Kong Fish Farming Industrial also owns a 200,000 square foot site on Kiu Tsui (Sharp Island) in Sai Kung.