KUALA LUMPUR: SBH Marine Holdings Bhd has received approval from Bursa Malaysia Securities Bhd for its listing on the ACE Market of Bursa Malaysia.
The vertically integrated frozen seafood specialist will undertake an initial public offering (IPO) exercise entailing a public issue of 180 million new ordinary shares and an offer for sale of 50 million existing ordinary shares.
Of the 180 million public issue shares, 45 million shares will be made available to the Malaysian public via balloting and 36 million shares will be made available to the eligible directors, employees and persons who have contributed to the success of SBH Marine and its subsidiaries.
Meanwhile, 61 million shares for public issue will be offered to bumiputera investors approved by the Ministry of Investment, Trade, and Industry (Miti), while the remaining 38 million will be set aside for private placement to selected investors.
The 50 million shares under the offer for sale will be made available to Bumiputera investors approved by the Miti.
SBH is principally involved in processing and sale of frozen seafood with a focus on shrimps and cephalopods such as octopus, cuttlefish and squid. Its existing processing plant in Kuala Kurau, Perak has an annual capacity of 4,800 tonnes
Group managing director Tan Boo Nam said the company is a step closer to its objective of listing on the ACE Market of Bursa Malaysia.
“This marks a very significant milestone in our corporate journey as we look to further strengthening our position as a recognised integrated frozen seafood specialist.
“The proceeds from the IPO will facilitate our business expansion by financing the on-going development of our Selinsing farm as well as for the construction of our new seafood processing plant in Kuala Kurau, Perak, all expected to cater towards the anticipated global demand growth for sustainable seafood,” he said.
KAF Investment Bank Bhd is the principal adviser, sponsor, sole underwriter and sole placement agent for the IPO.
