Aquafarm 2 (AF2) was acquired by Tri-way Industries, Ltd. as part of SIAF's carve-out of aquaculture operations. AF2 (formerly known as Enping City Bi Tao A Power Prawn Culture Development Co., Ltd. (EBAPCD), or as Prawn Farm 1 or PF1), is in the business of growing prawns (or shrimp). Production started in Q3 2013, and our update from that time may be viewed below:
Before the Tri-way carve-out, EBAPCD was the proposed name of the future Sino-Foreign Joint Venture company ("SFJV"), subject to approval by relevant Chinese authorities under our application for SFJV status, established to own and operate Prawn Farm 1. EBAPCD began to generate revenue during the third quarter of 2013. Since then, Capital Award has recognized income from purchases of prawns from AF2 and selling them to the wholesale markets.
The Company believes that Aquafarm 2 represents the first indoor RAS prawn farm in Asia. Going forward, AF2 will carry out its rotational stocking and harvesting program targeting to increase yields of live prawns annually.