Jade Marvel Group Bhd (JMGB Group) has inked an agreement with YHL Foods Sdn Bhd (YHLF) to form a joint-venture company (JV) known as YHL Jadem Frozen Sdn Bhd which will focus on frozen seafood business.
The new JV will undertake the business of providing services in relation to processing of frozen seafood and cold storage facilities and export, import, sales, marketing and wholesale of all types of frozen seafood.
A JMGB spokesperson said, “The JV represents a strategic opportunity for JMGB Group to expand its businesses into frozen seafood business and provide an additional revenue stream. The board believes that the JV will contribute positively to the future earnings of the enlarged group and is expected to contribute positively to the future financial position of the group.”
JMGB will hold 60% share of the new JV while YHLF holds the remaining 40%.