Legend Holdings Corp., a Chinese investment group, has announced a joint venture with Australia's KB Seafoods.

The partnership is an important step for Legend Holdings' agriculture and food business, with seafood as its pillar, said Chen Shaopeng, senior vice-president of Legend Holdings and chairman of KB Food, the new joint venture.

The Kailis Bros' seafood processing, wholesale and export business forms the base of KB Food.

KB Seafoods Group, owned by the Kailis family and including Kailis Bros and National Fisheries, and its New Zealand business will absorbed by the new company.

Legend Holdings will take a 90 percent stake in the new entity while the Kailis family owns the rest.

The KB Seafoods is a supplier to supermarkets and restaurants in Australia and exports high-end products to Southeast Asia. The new company will expand its seafood business in the Asia Pacific region.

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