Gulf Japan Food Fund firms up partnership with Oman Fisheries
Published: 03:05 PM,May 10,2022 | EDITED : 07:05 PM,May 10,2022
Gulf Japan Food Fund (GJFF), an international private equity fund focused on the food and beverage industry, has pledged to strong growth of publicly traded Oman Fisheries Co SAOG, one of the largest fisheries enterprises in the Sultanate of Oman.
It follows a Memorandum of Understanding (MoU) signed by the two sides in March, enabling GJFF to acquire 31.4 per cent of Oman Fisheries’ capital for a consideration of $10 million.
Through this transaction, GJFF, and backed by prominent Japanese institutions including Mizuho Bank and The Norinchukin Bank of Japan as well as sovereign investors in the GCC, and Mizuho Gulf Capital Partners (MGCP), GJFF’s Investment Manager, will provide support and assistance on various initiatives to achieve the long-term success and growth of Oman Fisheries and enhance capability and expansion of Oman’s fisheries sector.
Hitoshi Sugawara, CEO & Co-CIO of Mizuho Gulf Capital Partners said: “Through this investment, we continue to strengthen our footprint in Oman, which we believe exhibits high potential, in particular its fisheries sector. We look forward to working closely with Oman Fisheries’ board and management team in expanding to new markets and increasing customer base, in adding value to its products and in supporting the management to restart its commercial fishing operations, in a manner that is sustainable and profitable.”
Haitham al Fannah, Chairman of Oman Fisheries said: “I am excited about this partnership which aims to take Oman Fisheries’ capability to the next level and expand its footprint across the global markets. We believe Oman Fisheries will greatly benefit from GJFF and MGCP’s sector expertise and knowledge, thereby contributing to fishing sector and the national economy and also fulfilling Oman’s Vision 2040.”
Suleiman bin Shutait al Ghannami, CEO of Oman Fisheries said: “This partnership is a strategic fit to Oman Fisheries and will be a major catalyst in our mission to become the largest fisheries company in the Middle East. At Oman Fisheries we are seeing significant growth and potential and with GJFF and MGCP’s expertise and network we aim to execute various initiatives and open new opportunities for the company.”
Oman Fisheries is a subsidiary of Fisheries Development Oman (FDO), the country’s fisheries sector investment and development flagship wholly owned by Oman Investment Authority (OIA).
It follows a Memorandum of Understanding (MoU) signed by the two sides in March, enabling GJFF to acquire 31.4 per cent of Oman Fisheries’ capital for a consideration of $10 million.
Through this transaction, GJFF, and backed by prominent Japanese institutions including Mizuho Bank and The Norinchukin Bank of Japan as well as sovereign investors in the GCC, and Mizuho Gulf Capital Partners (MGCP), GJFF’s Investment Manager, will provide support and assistance on various initiatives to achieve the long-term success and growth of Oman Fisheries and enhance capability and expansion of Oman’s fisheries sector.
Hitoshi Sugawara, CEO & Co-CIO of Mizuho Gulf Capital Partners said: “Through this investment, we continue to strengthen our footprint in Oman, which we believe exhibits high potential, in particular its fisheries sector. We look forward to working closely with Oman Fisheries’ board and management team in expanding to new markets and increasing customer base, in adding value to its products and in supporting the management to restart its commercial fishing operations, in a manner that is sustainable and profitable.”
Haitham al Fannah, Chairman of Oman Fisheries said: “I am excited about this partnership which aims to take Oman Fisheries’ capability to the next level and expand its footprint across the global markets. We believe Oman Fisheries will greatly benefit from GJFF and MGCP’s sector expertise and knowledge, thereby contributing to fishing sector and the national economy and also fulfilling Oman’s Vision 2040.”
Suleiman bin Shutait al Ghannami, CEO of Oman Fisheries said: “This partnership is a strategic fit to Oman Fisheries and will be a major catalyst in our mission to become the largest fisheries company in the Middle East. At Oman Fisheries we are seeing significant growth and potential and with GJFF and MGCP’s expertise and network we aim to execute various initiatives and open new opportunities for the company.”
Oman Fisheries is a subsidiary of Fisheries Development Oman (FDO), the country’s fisheries sector investment and development flagship wholly owned by Oman Investment Authority (OIA).