Aquaculture company Camaroe receives Bursa Malaysia approval for ACE Market listing
In a statement today, Camaroe, which specialises in the farming and processing of black tiger prawns, said 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.
Managing director Tech Han Boon said that, with the group's strong foundation in prawn farming and expanding processing capabilities, the IPO will allow Camaroe to increase production capacity and enhance operational efficiency through new machinery and technology.
'Additionally, it will strengthen our product quality through the establishment of a biotechnology department,' he added.
Camaroe said the IPO will allocate 24.75 million shares or 5% of the enlarged issued share capital to the Malaysian public, with 2.5% made available to public investors and the remaining 2.5% to Bumiputera public Investors. A further 12.38 million shares or 2.5% will be allocated to eligible directors, key senior management and employees through pink form allocations.
Another 61.87 million shares or 12.5%, are 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,' the company said.
M&A Securities Sdn Bhd managing director Datuk Bill Tan said 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, make it a compelling listing candidate on the ACE Market,' he added.
M&A Securities is the principal adviser, sponsor, underwriter, and placement agent for the IPO. – Bernama
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