Wild Oceans Pty Ltd entered into a letter of agreement to acquire 75% stake in Marine Produce Australia Limited (MPA) from Barramundi Group Ltd. (OB:BARRA) for AUD 5 million on December 27, 2022. The consideration includes payment of AUD 1.6 million in cash and earn out payment of AUD 3.4 million which will be disbursed upon the approval of at least 4 of the 13 additional seawater site leases in the Kimberley of Western Australia. Wild Oceans Pty Ltd signed a share sale agreement and shareholder agreements to acquire 75% stake in Marine Produce Australia Limited from Barramundi Group Ltd. on February 28, 2023.

The agreement also includes Barramundi Group obtaining ownership of 34% of Wild Oceans' shares, which allows the Company to retain effective equity majority interest in Marine Produce Australia and gain access to a wide variety of Australian seafood products for its other markets. As a result of the transaction, Jessie Lai will take over the Group Chief Financial Officer function, on March 1, 2023, allowing current Chief Financial Officer, Helen Chow to effect a smooth transition from this period till completion: at which point, Helen will officially step into her new role as Chief Financial Officer, MPA. The transaction is subject to approval of shareholders of Barramundi Group Ltd. and completion of due diligence.

As of January 10, 2023, shareholders of Barramundi Group Ltd. approved the transaction. As of February 28, 2023, the completion of the transaction is awaiting the change of control approvals from certain stakeholders of MPA.