BUSINESS

OCEAN FRESH PLANS TO RAISE RM14.01 MLN FROM IPO

12/06/2024 02:18 PM

KUALA LUMPUR, June 12 (Bernama) -- Ocean Fresh Bhd aims to raise RM14.01 million through its initial public offering (IPO) ahead of its listing on the ACE Market of Bursa Malaysia on July 4, 2024.

Ocean Fresh is principally involved in the processing and trading of frozen seafood products and the provision of frozen seafood processing services to its customers in Malaysia, Turkey, China, Thailand, Vietnam and Japan.

The group’s IPO exercise consists of issuing 50.05 million new ordinary shares at an issue price of 28 sen per share.

Of the total offerings, 37.83 million new shares will be offered as private placement to selected investors, while 10.51 million new shares will be made available to the Malaysian public via balloting and 1.71 million new shares for its eligible parties.

Based on the enlarged share capital of 210.15 million shares, Ocean Fresh is expected to have a market capitalisation of RM58.84 million upon successful listing.

The group plans to use 57.09 per cent or RM8.0 million of the total proceeds as capital expenditure for a new cold storage facility in Kuantan, Pahang.

Executive director Kee Wan Chum said the new storage facility, which includes six cold rooms and a loading bay, will be located next to its current processing facilities and is expected to increase their storage capacity from 1,700 tonnes to 4,700 tonnes.

She said the group also plans to continue growing their sales through collaboration with local wholesalers in China to tap into their network of customers.

The group is expected to finalise the appointment of a wholesaler to distribute their products in China by the third quarter of 2024.

“We believe our IPO exercise will be instrumental in enabling us to cater to this increasing demand while also fulfilling our plan to grow our exports of frozen seafood products to international markets, particularly China,” she told the media after the prospectus launch, here today.

The IPO is open for subscription from today until June 20, 2024, and KAF Investment Bank is the principal adviser, sponsor, underwriter, and placement agent.

-- BERNAMA


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