The New Zealand fishing company Sealord says it pulled out of the Cook Islands because the fisheries were seasonal.
Sealord sold its shares in Cook Islands Fish Exports only nine months after saying it would lead the development of the country's fishing industry.
Another major player in the New Zealand fishing industry, Hawkes Bay Fisheries, has also sold its interest in the company, which was set up last year in conjunction with local businessman Brett Porter.
A spokesperson for Sealord, Merrill Coke, says the company needed a reliable supply for export.
"Our part of the business was sales and marketing and we were looking for consistent year round supply for export. The fisheries proved to be seasonal and won't meet our objective so we've decided to exit the shareholding. We wish Brett well and we'll continue to assist in his marketing."
Merrill Coke
Brett Porter has purchased the overseas companies shares and says that the company will stay afloat despite their withdrawal.
