Subiaco-based Arafura Pearls Holdings Ltd has completed a raising of $4.3 million via its 2008 managed investment scheme.
While well down on the 2007 program of $9.8 million, chief executive Andrew Hewitt, said that it was a reasonable result in the circumstances.
"With less shell allocated to our MIS this year, there is more company shell for Arafura Pearls to put into production in its own right," Mr Hewitt said.
"There were a number of factors outside the Company's control which lowered sales this year including the lack of certainty surrounding the non-forestry MIS sector, and the difficult prevailing financial market conditions
"Importantly, the underlying pearl farming business continues to operate well. We are currently experiencing record results out of our hatchery and shell growout and looking forward to our 8th pearl harvest in the second half of this
calendar year.
"The MIS programs have been used to partially finance Arafura Pearls' expansion towards becoming Australia's second largest producer of South Sea pearls. With this year being potentially our last retail MIS, we have identified other innovative ways of financing our expansion towards this goal."
