Myanmar Fisheries Federation (MFF) will establish a private company for striped catfish farming.
The single fish species will be farmed in the 100-acre wide fish ponds, legally developed last year in Pantanaw Township, Maubin District, Ayeyawady Region, said Daw Toe Nanda Tin, vice chair of MFF.
“Those interested shareholders will be accepted starting from 30 October. A single share is worth Ks100 million and the privately-held company will accept shareholders for 50 stocks. A small number of investors can combine their investments if they cannot individually afford to invest Ks100 million. However, that one share will be held in a single name”, she said.
MFF is willing to set up a public company but the process is complex. Therefore, they have started the business with a private one. Private businessmen will bring in Ks10 billion and a request for government-backed loans of Ks10 billion will be submitted to the Ministry of Agriculture, Livestock and Irrigation.
“We will implement this whether or not loan is contributed”, said Daw Toe Nanda Tin.
The reason why MFF decided to farm striped catfish is because of its potential markets, including China. Striped catfish farming has favorable strong points such as disease resistance, short breeding period and rapid growth. Research projects have been intensively developed and the plan will commence upon investors’ interest.
“Striped catfish farming harvests its produce every three or four months a year. If we put a capital of US$27 million a year, we will earn around $50 million. Therefore, we decided to start this business”, she explained.
Shared money can be deposited 50 per cent each within two months. MFF has already informed the businessmen in regions and states.
Myanmar fish breeders primarily farm rohu and mrigal carp. Suspension of Myanmar’s fish importation by Saudi market, which accounts for 30 per cent of rohu export, led to price fall in domestic market. In order for volatile fish market to recover, striped catfish farming with the use of systematic fishing technique will be implemented, said U Win Kyaing, general secretary of MFF.
At present, high aquafeed price drove up the production cost. Local breeders are facing a slew of challenges owing to suspension of fish importation by Saudi Arabia.
Thus, MFF has urged the breeders not to extend their farming acres of rohu and mrigal carp beyond domestic and export market demand.
By May Thet Hnin