China’s Joyvio Group injects $62 million into Australis Seafoods owner

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Legend Holdings subsidiary Joyvio Group has put millions into Agri-Joyvio.

Undercurrent News reports that Legend Holdings subsidiary Joyvio Group has injected USD 62.2 million into Agri-Joyvio, the owner of Australis Seafoods.

Joyvio completed its deal for the USD 920 million takeover of the Chilean salmon farmer last year. The company controls approximately nine per-cent of Chile’s total salmon output.

Agri-Joyvio recently posted a Q3 loss of USD 30 million.

But since coronavirus was detected on a chopping board for imported salmon in Beijing, sales of the fish have dropped in China. “Since the beginning of this year, the new coronavirus epidemic has broken out on a global scale, which has led to a weakening of demand for salmon from the foodservice market and a drop in market prices,” said Agri-Joyvio.

The investment takes Joyvio Group’s shareholding in Agri-Joyvio from 29.9 per-cent to 46.1 per-cent.

“Recently one of China’s largest salmon importers and processors told Undercurrent China could import 40,000 tonnes less fresh salmon this year, as Chinese consumers shun the fish over recent links between coronavirus outbreaks and seafood,” wrote the publication.