KUALA LUMPUR: Perak-based integrated frozen seafood producer SBH Marine Holdings Bhd (SMH) aims to expand its aquaculture farms further by doubling the shrimp harvest capacity to 1,800 tonnes annually, adding a new 4,000-ton seafood processing plant, and opening its in-house shrimp hatchery centre.
Independent non-executive chairman Mohd Salim Dulatti said these measures aim to reduce reliance on external suppliers and cater to the growing demand for sustainable seafood in the future.
He said SMH’s facility, which can process up to 4,800 tonnes annually and has a 1,000-tonne cold storage facility, stands as a symbol of growth and capability, and moving forward, the company see immense opportunities for growth and expansion.
“For over two decades, SMH has been at the forefront of the frozen seafood market, driven by our unwavering passion for crafting superior seafood products, with a special focus on prawns, shrimp, cuttlefish, squid, and octopus.
“Our farms, which span over 440 acres of aquaculture land, are a testament to our dedication to producing fresh, sustainable, and top-quality shrimp.
“Presently, our farms, capable of producing up to 900 tonnes of shrimp annually, comply with strict biosecurity and sustainable aquaculture practices, allowing our seafood products to be exported globally, serving dining tables from Europe to the Middle East and throughout Asia,” Mohd Salim said at the listing ceremony in Bursa Malaysia today.
SMH debuted as a public listed company on the ACE market of Bursa Malaysia, with shares opened at a price of RM0.25, representing a 15.9 per cent premium over its issue price of RM0.22 per share, with an opening volume of 21.23 million shares.
The company raised a total of RM39.6 million through the public issue of 180.0 million shares.
More than 70 per cent of this gross amount will be used for business expansion, with 40.4 per cent, or RM16.0 million, channelled for the development of the Selinsing shrimp farm, 16.4 per cent, or RM6.5 million, for the construction of its second seafood processing plant, and another 15.4 per cent, or RM6.1 million, for the purchase of machinery, equipment, and motor vehicles.
The remaining proceeds of RM7.0 million and RM4.0 million have been earmarked for working capital and listing expenses, respectively.
SMH’s listed shares are classified as Shariah-compliant by the Shariah Advisory Council of the Securities Commission Malaysia.
The company’s public issue portion, which was made available to the Malaysian public via balloting, was oversubscribed by a rate of 27.7 times, with a total of over 10,000 applications for over 1.2 billion shares.
Besides being the sole underwriter of SMH’s initial public offering (IPO), KAF Investment Bank Bhd is also the principal adviser, sponsor and sole placement agent for this exercise.
WYNCORP Advisory Sdn Bhd is the corporate finance adviser of SMH’s IPO.
