From left: Mohd Salim Dulatti, independent non-executive chairman of SBH Marine Holdings; Tan Boo Nam, group managing director of SBH Marine Holdings; Rohaizad Ismail, CEO of KAF Investment Bank; Hon Kim Teng, director, corporate finance of KAF Investment Bank.
KUALA LUMPUR: SBH Marine Holdings Bhd has signed an underwriting agreement with KAF Investment Bank Bhd (KAF IB) for its initial public offering (IPO) on the ACE Market of Bursa Malaysia.
The frozen seafood specialist said in a statement the IPO entails an issue of 180 million new shares and an offer for sale of 50 million existing shares.
KAF IB will underwrite 81 million public issue shares, comprising 45 million made available to the Malaysian public via ballotting and another 36 million made available to eligible directors, employees and persons who have contributed to the success of SBH and its subsidiaries.
A further 61 million shares will be made available 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.
According to SBH, it primarily processes frozen seafood, especially shrimps and cephalopods which are available in block frozen, semi-individual quick freezing (IQF) and IQF forms, at its 4,800-tonne annual capacity Kuala Kurau plant.
The proceeds from the IPO will be allocated for the development of its farm in Selinsing, Perak.
It will also go towards the construction of a new seafood processing plant, acquisition of machinery/equipment and motor vehicles, meeting working capital requirements and covering listing expenses.
“This agreement marks a significant milestone in our corporate journey.
“It will enable us to enhance our capabilities in seafood processing, expand our aquaculture shrimp farming operations and reinforce our commitment to delivering top-quality frozen seafood products to customers worldwide,” said group managing director Tan Boo Nam.
