Seafarms subsidiary completes key asset acquisition for prawn project

Seafarms Group Limited (ASX: SFG) has announced the completion of an asset sale agreement by its wholly-owned subsidiary, Sea Dragon Shrimp Pty Ltd (SDS). The agreement involves the acquisition of assets and undertakings of Project Sea Dragon Pty Ltd (in liquidation) from its liquidator.

The acquisition progresses Project Sea Dragon, a prawn aquaculture initiative in northern Australia. While some assets require third-party consent for transfer, SDS is actively engaged in securing these approvals, expressing confidence in their forthcoming receipt. This transaction is crucial for formalizing funding with investors, which will enable the development of new farms, hatcheries, processing facilities, and supporting infrastructure across the Northern Territory and Western Australia.

Seafarms chief executive Peter Fraser highlighted that this completion paves the way for future funding and project development. The company continues funding discussions with prospective investors and is preparing for the staged development of the Sea Dragon Shrimp project.