SYDNEY: Seafarms Group Ltd (ASX: SFG) said on Monday it has signed a conditional asset sale agreement to acquire the assets of Project Sea Dragon Pty Ltd (in liquidation), marking a strategic step toward expanding its prawn farming operations in northern Australia.
The A$750,000 deal, executed through wholly owned subsidiary Sea Dragon Shrimp Pty Ltd, excludes cash holdings and is subject to court approvals under the Corporations Act. Completion is expected within 10 business days of satisfying the conditions.
The acquisition includes infrastructure and licences critical to the development of prawn ponds at Legune Station (NT/WA border), a processing facility in Kununurra, and expanded breeding operations in Exmouth, Western Australia.
“This acquisition allows us to re-engage with investors and progress development on a clean slate,” CEO Peter Fraser said, adding that the company will seek strategic and equity partners to underwrite the expansion.
Seafarms recently increased its revolving credit facility with Avatar Finance Pty Ltd to A$16.5 million, extending repayment to October 2026 to support working capital and finalise FY25 accounts.
The company said it will provide further updates as planning, permitting and investment activities advance.