Hydra Properties acquires 47% stake in Asmak

Abu Dhabi: Hydra Properties on Sunday said it has acquired a 47.43 per cent stake in Abu Dhabi-based International Fish Farming Holding Co PJSC (Asmak) as Asmak informed the Abu Dhabi Securities Exchange (ADX) that it has acquired four plots in Abu Dhabi for mixed-use development.

When contacted by Gulf News, Mohammad Yassin, general manager for Asmak, declined to give out details about how much the new plots were worth and their location in the emirate of Abu Dhabi.

"The acquired plots are meant for mix-use development comprising residential properties for investment as well as commercial purposes," Asmak said in a filing to ADX.

Shares of Asmak rose on the news on a bullish ADX on Sunday, closing 3.77 per cent higher at Dh31 per share. In addition, the company said it is evaluating a project to establish a fish hatchery in the UAE with a production capacity of 10 million juveniles a year.

"The project is expected to be operational by mid-2010."

Fish feed mill

Asmak said it is also looking at the viability of establishing a fish feed mill in the UAE with a production capacity of 20,000 tonnes a year. "The project is expected to be operational by end-2010," it said.