From left: Ocean Fresh Bhd non-independent non-executive director Datuk Seri Chia Hooi Huak, Ocean Fresh executive director Teo Chee Han, Ocean Fresh executive director Siang Hai Yong, KAF Investment Bank CEO Rohaizad Ismail and KAF Investment Bank corporate finance director Yap Chin Fatt.
KUALA LUMPUR: Ocean Fresh Bhd has signed an underwriting agreement with KAF Investment Bank Bhd (KAF IB) for its initial public offering (IPO) in conjunction with its listing on the ACE Market of Bursa Malaysia Securities Bhd.
Ocean Fresh is principally involved in the processing and trading of frozen seafood products as well as the provision of frozen seafood processing services to its customers within Malaysia as well as in Turkey, China, Thailand, Vietnam and Japan amongst others.
The IPO exercise will entail a public issue of 50.05 million new ordinary shares of Ocean Fresh.
It said 10.51 million shares will be made available for application by the Malaysian public of which at least 5.25 million shares will be set aside for application by Bumiputera investors including individuals, companies, cooperatives, societies and institutions.
In addition, 1.71 million shares will be made available for Ocean Fresh’s eligible directors, employees and persons who have contributed to its success and 37.83 million shares for private placement to selected investors.
KAF IB is the principal adviser, sponsor, underwriter, and placement agent.
“We intend to grow our exports of frozen seafood products to international markets, particularly China as well as to venture into the processing and trading of dried seafood products. As such, we expect that we will need to increase our storage space to cater to the increasing demand,” executive director Siang Hai Yong said in a statement.
“Hence, we expect to utilise part of the proceeds from this IPO as capital expenditure for the construction of a new cold storage facility which would increase our capacity from 1,700 tonnes up to 4,700 tonnes.”
Ocean Fresh is slated to list on the ACE Market of Bursa Malaysia by the third quarter of this year.
