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Bluefin Tuna farming company 'Kyokuyo Feed One Marine' to go into special liquidation
JAPAN
Tuesday, September 10, 2024, 02:00 (GMT + 9)
Total debt is about 2.466 billion yen. (U$D 17,23M)
According to Teikoku Databank Matsuyama branch, "Kyokuyo Feed One Marine (Yokohama City, Kanagawa Prefecture)," which farmed and shipped bluefin tuna in Ainan Town, Ehime Prefecture, received an order to start special liquidation from the Yokohama District Court on the 8th.
The company was established in November 2012 as a joint venture with joint investment from a major seafood processing company and a major compound feed manufacturer, and has been shipping fully farmed bluefin tuna since 2016.
In the fiscal year ending March 2019, the company reportedly recorded sales of about 300 million yen (U$D 2.1M).
However, the business environment has changed, with natural resources showing signs of recovery due to global fishing restrictions, and the profitability expected at the beginning can no longer be maintained. Although the company considered optimizing its business, it decided to abandon continuing the business as it had fulfilled a certain role.
The company resolved to dissolve at its general shareholders' meeting on April 30th of this year, and proceeded with liquidation.
As of the end of the fiscal year ending March 2023, the company's liabilities were approximately 2.466 billion yen, but this may have changed since then.
Source: NHK
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