Sino Agro Food Inc (fka SIAF)

[RealDutch]

Is this the "failed swamp farm" that Dan said they might try to sell (to real-estate?)? If so, do you remember when Dan said so?

Yes, I think so. This was early 2017 IIRC, before SIAF increased their equity interest.

Actually, the increased deposit happened sometime in 2017 (the 17.4MUSD shows up in the 10-K).

Yes, sorry. I should have said Q4 or by the end of Q4 2017.

Why would FF2 be under expansion by TRW?

Aha. Nice find. The 2016 10-K says "Under expansion by owner" and the 2017 10-K says "Under expansion by Triway"

I think Solomon already said that FF2 "belongs" to TRW during the September meeting last year in Oslo. But we didn't have confirmation of that at the time.

It makes complete sense then. FF2 is specialized in growing sleepy cod (bamboo fish) although they can also grow eels. If SIAF owns 36.6% when it is acquired by TRW then it will not cost them a thing and the value of TRW goes up when it is acquired. SIAF may even book another gain.

So you have a nice indoor facility here for growing fingerling sleepy cod and outdoor RAS for grow-out. All constructed by CA initially. Then they will sell the adult fish to AF1 or AF4 for rotation (final-stage grow-out). So you have a nice reliable and cheap supply of sleepy cod for rotation. And TRW is already specialized in growing out sleepy cod.