KUALA LUMPUR (Jan 9): SBH Marine Holdings Bhd has received approval from Bursa Malaysia Securities Bhd to list on the ACE Market of the local stock exchange.

SBH, which processes and sells frozen shrimp, squid, octopus and cuttlefish, and farms black tiger prawns and whiteleg shrimp in Perak, will undertake an initial public offering (IPO) exercise in conjunction with the listing, which will entail the public issuance of 180 million new ordinary shares and an offer for sale of 50 million existing ordinary shares, it said in a statement on Tuesday.

Out of the shares earmarked for public issue, 45 million shares will be offered to the Malaysian public via balloting, while 36 million will be made available to eligible directors, employees and persons who have contributed to the success of SBH and its subsidiaries.

Meanwhile, 61 million shares for 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.

SBH’s 50 million existing shares offered for sale will be made available to Bumiputera investors approved by Miti, said the company.

“The proceeds from the IPO will facilitate our business expansion by financing the ongoing development of our Selinsing farm, as well as [be used] for the construction of our new seafood processing plant in Kuala Kurau, Perak, all expected to cater toward the anticipated global demand growth for sustainable seafood,” said SBH’s group managing director Tan Boo Nam.

According to SBH, its products are mainly exported overseas to Europe, the Middle East and Asia.

KAF Investment Bank Bhd is the principal adviser, sponsor, sole underwriter, and sole placement agent for the IPO.