KUALA LUMPUR: Ocean Fresh Berhad (“OFB” or “the Company”) and its subsidiary companies (collectively referred to as “the Group”) have formalized an Underwriting Agreement with KAF Investment Bank Berhad (“KAF IB”), acting as the Principal Adviser, Sponsor, Underwriter, and Placement Agent, today. This agreement paves the way for OFB’s initial public offering (“IPO”) and subsequent listing on the ACE Market of Bursa Malaysia Securities Berhad.
The IPO initiative involves the issuance of 50,050,000 new ordinary shares of OFB (“Shares”) structured as follows:
(i) 10,510,000 Shares earmarked for public subscription, with at least 5,255,000 Shares reserved for Bumiputera investors, including individuals, companies, cooperatives, societies, and institutions;
(ii) 1,710,000 Shares designated for subscription by eligible directors, employees, and contributors to OFB’s success; and
(iii) 37,830,000 Shares offered via private placement to selected investors.
The Group’s core activities encompass the processing and trading of frozen seafood products and the provision of frozen seafood processing services, catering to customers in Malaysia, as well as in Turkey, China, Thailand, Vietnam, Japan, and other markets.
Expressing his sentiments on the occasion, OFB’s Executive Director, Siang Hai Yong (黄喜荣), remarked, “We are excited to embark on this journey alongside KAF Investment Bank, marking a significant stride toward our listing on the ACE Market of Bursa Malaysia Securities Berhad. Our strategic focus includes expanding our exports of frozen seafood products to international markets, especially China, and venturing into the processing and trading of dried seafood products. Consequently, we anticipate the need to augment our storage capacity to meet growing demand.”
He further added, “Therefore, we envisage utilizing a portion of the proceeds from this IPO for the construction of a new cold storage facility, which will upscale our capacity from 1,700 tonnes to 4,700 tonnes.”
“The path to achieving listed status has been a culmination of persistent efforts for OFB. I am thrilled that, after years of dedication and perseverance, we are poised to tap into the capital markets, which will catalyze our growth trajectory.”
Subject to any unforeseen circumstances, the Group is on track to list on the ACE Market of Bursa Malaysia Securities Berhad by the third quarter of this year.
