Frozen seafood company SBH Marine gets approval to list on ACE market

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KUALA LUMPUR: Frozen seafood specialist SBH Marine Holdings Bhd has received approval from Bursa Malaysia Securities Bhd to list on the ACE market, with a public issue of 180 million new ordinary shares and an offer for sale of 50 million existing ordinary shares.

Of the 180 million new ordinary shares, 45 million public issue shares will be available to the Malaysian public through balloting, 36 million public issue shares will be offered to eligible directors, employees, and individuals who have contributed to the success of SBH Marine and its subsidiaries (SBH Group). Additionally, 61 million public issue shares will be allocated to Bumiputera investors approved by the Ministry of Investment, Trade, and Industry (MITI), while the remaining 38 million will be assigned through private placement to selected investors.

The 50 million shares under the offer for sale will be made accessible to Bumiputera investors approved by MITI.

“The proceeds from the initial public offering 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,” SBH group managing director Tan Boo Nam said in a statement. KAF Investment Bank Bhd is the principal adviser, sponsor, sole underwriter and sole placement agent for the IPO. The SBH Group 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.

The group also farms black tiger prawns and whiteleg shrimps from its existing aquaculture farms located in Kuala Kurau and Selinsing, Perak.

The group’s products are mainly exported overseas to countries in the European, Middle Eastern and Asian regions.