KUALA LUMPUR: SBH Marine Holdings Bhd, a vertically integrated frozen seafood provider, has received the approval from Bursa Malaysia to list on the ACE Market.
In a statement yesterday, the company said it would undertake an initial public offering (IPO) exercise involving a public issue of 180 million new 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 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,” it said.
A total of 61 million shares have been allocated to bumiputra investors approved by the Investment, Trade and Industry Ministry while the remaining 38 million shares will be allocated by way of private placement to selected investors.
Meanwhile, the 50 million shares under the offer for sale would be made available to bumiputra investors approved by the ministry, it said.
SBH Marine group managing director Tan Boo Nam said proceeds from the IPO would facilitate the group’s business expansion by financing the ongoing development of the Selinsing farm as well as the construction of a new seafood processing plant in Kuala Kurau in Perak.
“These are expected to cater towards the anticipated global demand growth for sustainable seafood,” he said.
SBH Marine is principally involved in the 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 has an annual capacity of 4,800 tonnes. — Bernama
