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AFG - Aquatic Foods News Story

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Last Trade - 28/06/17

Consumer Defensives
Micro Cap
Market Cap £n/a
Enterprise Value £n/a
Revenue £106.2m
Position in Universe th / 1817

Aquatic Foods Group - Appointment of Finance Director

Thu 28th September, 2017 4:00pm
RNS Number : 1478S
Aquatic Foods Group PLC
28 September 2017

28 September 2017

Aquatic Foods Group Plc

("Aquatic Foods" or "the Group" or "the Company")

Appointment of Finance Director

Aquatic Foods Group Plc (AIM: AFG), a leading Chinese marine foods and seafood processor and producer, supplying to export and local markets, is pleased to announce the appointment of Mr Chong Cha Hwa FCCA (also known as Brandson Chong) as Finance Director effective from 1 October 2017.

Mr Chong has over 20 years of experience in accounting and finance, servicing private and publicly listed companies in Hong Kong and the Southern Asia region. A Fellow of the Association of Chartered Certified Accountants and a member of the Malaysian Institute of Accountants, Mr Chong has held several executive and non-executive positions including CFO of China Shanshui Cement Group Ltd and independent non-executive director of China Mining Resources Group Limited.

Mr. Chong will sit on the main Board of Directors of Aquatic Foods and its AIM Compliance committee.

Mr. Chong's initial focus will be to finalise the audit process and publication of the Company's overdue full year results to 31 December 2016, the publication of the Company's interim results for the six month period to 30 June 2017 (which will become overdue from 30 September 2017) and to progress the further remittance of funds to the Group's Jersey holding company from its operating subsidiaries in China. Further updates will be provided in due course along with an update on expected timing of the publication of the Company's accounts.

Li Xianzhi, Chief Executive of Aquatic Foods Group, said: "Aquatic Foods is pleased to announce the appointment of Mr Chong and is confident that he will help the Company to complete its near term requirements to allow for a resumption of trading in the Company's shares. Mr. Chong's strong international experience is also expected to be invaluable as the Company seeks to expand its operations. "

This announcement sets out the disclosures required pursuant to Schedule 2, paragraph (g) of the AIM Rules for Companies.

Mr Chong Cha Hwa, aged 51, currently holds or has held the following directorships and partnerships in the last five years:

Current Directorships

Past Directorships

China Shanshui Investment Company Limited

The 5th Avenue Financial Technology Group Company Limited

Love Family Group (HK) Co. Limited

XHT888 H.K. Logistics Co. Limited

Patterson Energies Holdings Limited

China Mining Resources Group Limited

China Shanshui Cement Group Limited

Hutech Hongkong Co. Limited

Sungwoo Technologies Limited

Ding He Mining Holdings Ltd

SING PAO Media Enterprises Limited

Boshiwa International Holding Limited

Rui Kang Pharmaceutical Group Investments Limited

RCG Holdings Limited

Pacific Next Communications Limited

RCG Land Sdn. Bhd

Mr Chong was a director of SING PAO Media Enterprises Limited ("Sing Pao") from 2 January 2014 until 28 October 2014. Sing Pao entered into a compulsory liquidation on 14 April 2015.

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

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For further information:

Aquatic FoodsGroup Plc

Via Abchurch

Dr Wang Shaodong, Non-Executive Chairman

SP Angel Corporate Finance LLP

Nominated Adviser and Broker

Tel: +44 (0) 20 3470 0470

Stuart Gledhill / Robert Wooldridge

Media enquiries:

Abchurch Communications Limited

Tel: +44 (0) 20 7469 4634

Julian Bosdet / Dylan Mark / Alejandra Campuzano

Notes to Editors:

Aquatic Foods Group is a leading marine foods and seafood processor and supplier based in China. The Group initially built its business through focusing on the export market (principally Japan under the "Kanwa Foods" brand), and subsequently established the "Zhenhaitang" brand in 2007 in mainland China to take advantage of the growing market driven by growing disposable income within the Chinese middle-classes and a more health conscious consumer base.

The Group benefits from excellent food safety procedures developed over many years which have helped the Group to build a strong track record of supplying its products into overseas markets. This track record has enhanced the perception of the quality and reliability of the Group's products in China and has allowed the Group to expand significantly into local markets as demand for seafood products has increased. In a market that has seen regular public health scares relating to food safety, the Group considers that its adherence to these standards to be a key strength. The Group has obtained the following key standards:

- ISO 9001 Quality Management System certification

- HACCP Food Safety System certification

- BRC certification; and

- Marine Stewardship Council certification

Aquatic Foods works with a network of distributors to effectively market its products in China. The Group has continued to grow its distributor relationships and now distributes its products in 16 provinces, municipalities and autonomous regions in China through 50 regional distributors. These distributors in turn sell the Group's products to sub-distributors and retailers, including supermarket chains and hypermarkets.

Further information can be viewed at

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