24/01/2024 12:36 PM

KUALA LUMPUR, Jan 24 (Bernama) -- SBH Marine Holdings Bhd (SBH) has entered into an underwriting agreement with KAF Investment Bank Bhd (KAF IB) for the company’s initial public offering (IPO) en route to a listing on the ACE Market of Bursa Malaysia.

SBH said in a statement today that the IPO entails a public issue of 180 million new ordinary 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 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 and its subsidiaries.

“Meanwhile, 61 million shares for the public issue will be offered to Bumiputera investors approved by the Ministry of Investment, Trade, and Industry (MITI), while the remaining 38 million will be set aside for private placement to selected investors,” it said.

SBH said the 50 million shares under the offer for sale will be made available to Bumiputera investors, which MITI has approved.

It said the IPO proceeds would be utilised to develop its aquaculture shrimp farm in Selinsing, Perak.

“The proceeds will also be strategically allocated for the construction of a new seafood processing plant, acquisition of machinery/equipment and motor vehicles, meeting working capital requirements, and covering listing expenses,” it said.

SBH group managing director Tan Boo Nam said the underwriting agreement with KAF IB marks a significant milestone for the company.

“This underwriting 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 our customers worldwide,” he said.

SBH is primarily engaged in the frozen seafood supply chain, with a focus on especially shrimps and cephalopods, which are available in block frozen, semi-individual quick freezing (IQF), and IQF forms at its Kuala Kurau, Perak Plant, and its existing processing plant in Kuala Kurau has an annual capacity of 4,800 tonnes.

KAF IB is the IPO’s principal adviser, sponsor, sole underwriter, and sole placement agent.




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