SBH Marine Holdings Berhad has launched its Initial Public Offering prospectus as it targets to list on the ACE Market of Bursa Malaysia Securities Berhad.
The IPO entails a public issue of 180,000,000 new ordinary shares and an offer for sale of 50,000,000 existing ordinary shares. Of the 180,000,000 Public Issue Shares, 45,000,000 Public Issue Shares will be made available to the Malaysian Public via balloting, 36,000,000 Public Issue Shares made available to the eligible directors, employees and persons who have contributed to the success of SBH and its subsidiaries 61,000,000 Public Issue Shares made available to Bumiputera investors approved by the Ministry of Investment, Trade and Industry (MITI) while the remaining 38,000,000 Public Issue Shares will be allocated by way of private placement to selected investors. The 50,000,000 shares under the offer for sale will be made available to Bumiputera investors approved by the MITI.
Based on its enlarged issued share capital of 888.0 million shares and IPO price of RM0.22 per share, SBH will have a market capitalisation of approximately RM195.4 million upon its listing on Bursa Securities.
As part of its IPO, the Company will raise gross proceeds amounting to RM39.6 million with more than 70% of such proceeds allocated for business expansion. This will encompass further development of its aquaculture shrimp farm in Selinsing, Perak of RM16.0 million, construction of the second seafood processing plant in Kuala Kurau, Perak of RM6.5 million and the purchase of new machineries, equipment and motor vehicles of RM6.1 million. The remaining proceeds of RM7.0 million and RM4.0 million have been earmarked for working capital and listing expenses respectively.
SBH is scheduled to be listed on the ACE Market of Bursa Securities on 8 April 2024. KAF IB, besides being the Sole Underwriter of SBH’s IPO, is also the Principal Adviser, Sponsor and Sole Placement Agent for this exercise. WYNCORP Advisory Sdn Bhd is the Corporate Finance Adviser of SBH’s IPO.
