News & Update
Chodai has participated in eel farming and rice milling business in Mindanao Island, the Philippines.
Chodai, through our wholly owned subsidiary Chodai Philippines Corporation, have acquired 99% shares of Green Asia Equity Ventures Pte. Ltd. (hereinafter "GAEV").
GAEV has owned 10% of the shares each of (1) Cabadbaran Aquatech Resources Corporation, which is engaged in eel farming and processing in the Caraga region of Mindanao, the Philippines, (2) Agusan Greenfield Resources and Agrotech Corporation, which is engaged in rice milling in the same region.
In 2015, Chodai concluded a memorandum of understanding with Equi-parco and Twinpeak, both based in Butuan City, the main city in the Caraga region, for a comprehensive partnership to develop the Mindanao region, and has contributed to the economic development of the region through various projects including small hydro power and bulk water supply projects. Through this acquisition of 99% shares of GAEV, Chodai will participate in the eel farming business and rice mill business in Mindanao, the Philippines as an owner of approximately 10% each.
In Mindanao, where employment shortages and peace issues are deep-rooted, we will strive to contribute to regional economic development more broadly by creating new industries and new added value in the same fields.