Aquatic Foods Group PLC Appointment of Finance Director (1478S)

TIDMAFG

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      China Mining Resources 
  Company Limited                Group Limited 
  The 5(th) Avenue Financial     China Shanshui Cement 
  Technology Group Company       Group Limited 
  Limited                        Hutech Hongkong Co. 
  Love Family Group (HK) Co.     Limited 
  Limited                        Sungwoo Technologies 
  XHT888 H.K. Logistics Co.      Limited 
  Limited                        Ding He Mining Holdings 
  Patterson Energies Holdings    Ltd 
  Limited                        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.

Market Abuse Regulation (MAR) Disclosure

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.

- Ends -

For further information:

 
 Aquatic Foods Group Plc           Via Abchurch 
 Dr Wang Shaodong, Non-Executive 
  Chairman 
 
 
 SP Angel Corporate Finance      Tel: +44 (0) 20 3470 
  LLP                                            0470 
  Nominated Adviser and Broker      www.spangel.co.uk 
 Stuart Gledhill / Robert 
  Wooldridge

Media enquiries:

 
 Abchurch Communications                Tel: +44 (0) 20 7469 
  Limited                                               4634 
 Julian Bosdet / Dylan Mark           www.abchurch-group.com 
  / Alejandra Campuzano 
                              AquaticFoods@abchurchgroup.com

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 www.aquatic-foods.com