- New Zealand Coastal Seafoods (NZS) signs a supply agreement with Aquadev for NZ$793,000 (A$715,000) worth of dried ling maw
- Ling maw is the swim bladder of the ling fish, which is dried and used in cooking
- The order will go through in two deliveries, the first to go ahead in July for NZ$317,500 (A$286,396) followed by the second for NZ$475,500 (A$429,000) in November
- The terms of the agreement will be binding for one year, and include NZS not supplying the same product to anyone else for branded retail sale within Australia
- NZS shares were down 20 per cent, trading at 0.4 cents at the close of trading on Wednesday
New Zealand Coastal Seafoods (NZS) has signed a supply agreement with Melbourne-based Aquadev for NZ$793,000 (A$715,474) worth of dried ling maw.
Ling maw is the swim bladder of the ling fish, which is dried and used in cooking.
The first order will be for NZ$317,500 (A$286,396) worth of the product, and is scheduled for delivery in July this year.
A second delivery worth NZ$475,500 (A$429,000) is planned for November.
The dried ling maw will be packaged for sale in 500-gram labelled packets and Aquadev will have the ability to sell the product at wholesale to other companies in Australia.
As part of the agreement, NZS has agreed to not supply dried ling maw to anyone else for branded retail sale within Australia, excluding that sold at wholesale.
The terms of the agreement will last for a full year, with the option for both companies to re-sign for up to three additional one-year periods.
New Zealand Coastal Seafoods CEO Andrew Peti said the agreement is a “significant sale” for Chief of Sales Peter Fletcher, who only recently took on the position.
“We are very pleased to have received this significant contract for NZ$793,000 of Ling Maw from Aquadev Pty Ltd, as it not only represents a substantial order for the company, but also indicates that global trade is progressively returning to normal.”
NZS shares were down 20 per cent, trading at 0.4 cents at the close of trading on Wednesday.