KUALA LUMPUR, Jan 9 – SBH Marine Holdings Bhd, a vertically integrated frozen seafood provider, has received the approval from Bursa Malaysia Securities Bhd (Bursa Securities) to list on the ACE Market.
In a statement today, the company said it 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.
“Out 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, it said.
Another 61 million shares have been allocated to Bumiputera investors approved by the Ministry of Investment, Trade and Industry (MITI) 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 will be made available to Bumiputera investors approved by the MITI, 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.
The company’s products are mainly exported overseas to countries in Europe, the Middle East and Asia.
