Tiger prawn processor Camaroe gets nod from Bursa Malaysia to list
The group, which specialises in the farming and processing of black tiger prawns, said it its initial public offering (IPO) will involve the issuance of 99 million new shares, as well as an offer for sale of 49.5 million existing shares to selected investors.
"With our strong foundation in prawn farming and our expanding processing capabilities, this IPO will allow us to increase production capacity, enhance operational efficiency through new machinery and technology, and strengthen our product
quality through the establishment of a biotechnology department," said Camaroe managing director Teoh Han Boon in a statement.
Accordingly, the IPO will allocate 24.75 million shares of 5% of the enlarged issued share capital to the Malaysian public. Half of these shares will be made available to public investors while the other half will be issued to Bumiputera public investors.
A further 12.38 million shares of 2.5% of the enlarged issued share capital will go to eligible directors, key senior management and employees through pink form allocations.
Meanwhile, 61.87 million shares or 12.5% of the enlarged issued share capital will be reserved for private placement to Bumiputera investors approved by the Ministry of Investment, Trade and Industry
Proceeds from the IPO will support the construction of a New Bukit Raja Processing Facility, the purchase of machinery and equipment, and the installation of solar panels to enhance sustainability.
Additionally, Camaroe plans to establish a biotechnology department to strengthen its research capabilities and improve farming efficiencies.
"Camaroe's well-established aquaculture infrastructure, coupled with its vertically integrated model and growing presence in export markets, places it in a favourable position to benefit from rising global demand for premium seafood.
"The group's proven capabilities in producing quality black tiger prawns, as attested by its ability to meet locally and internationally recognised quality standards which make it a compelling listing candidate on the ACE Market,' said M&A Securities Sdn Bhd managing director Datuk Bill Tan.
M&A Securities is the principal adviser, sponsor, underwriter, and placement agent for the IPO.
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