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Ocean Fresh makes strong debut on ACE Market
Ocean Fresh Bhd had a successful debut on the ACE Market of Bursa Malaysia, opening at 85 sen per share, 204% higher than its IPO price of 28 sen. The frozen seafood processor and trader saw a 187.50% increase, trading at 80.5 sen by mid-morning. With 93 million shares traded, it is currently the most active counter on Bursa Malaysia. The company raised RM14.01mil from its IPO, with plans to use the funds for a new cold storage facility in Kuantan, Pahang, capital expenditure, and working capital. KAF Investment Bank served as the principal adviser and underwriter for this successful IPO.
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Ocean Fresh has made a significant mark on the ACE Market of Bursa Malaysia with a strong debut that has caught the attention of investors and industry watchers alike. The frozen seafood processor and trader opened at 85 sen per share, a remarkable 204% above its initial public offering (IPO) price of 28 sen.
Investors were quick to react to Ocean Fresh’s debut, with the stock rising 187.50% to 80.5 sen in the morning trading session. The company’s shares quickly became the most active on Bursa Malaysia, with a staggering 93 million shares changing hands.
Ocean Fresh successfully raised approximately RM14.01 million from its IPO exercise by issuing 50.05 million new ordinary shares at an issue price of 28 sen per share. The company has ambitious plans for the funds raised, with RM8 million earmarked for the construction of a new cold storage facility in Kuantan, Pahang. This new facility will significantly increase Ocean Fresh’s storage capacity, allowing the company to meet the growing demand for its products and expand its export markets, particularly in China.
In addition to the cold storage facility, Ocean Fresh will also use RM2.51 million for working capital requirements and RM3.50 million for listing expenses. Executive director Teo Chee Han highlighted the importance of the new cold storage facility in enabling the company to maintain a higher level of inventories and meet the increasing demand for its products. The facility will increase the maximum storage capacity from 1,700 tonnes to 4,700 tonnes, providing ample room for growth and expansion.
Currently, Ocean Fresh’s processing facility has an annual production capacity of approximately 18,000 tonnes of frozen seafood products, supported by 18 units of semi-contact blast freezers and three cold rooms with a total capacity of 1,700 tonnes. With the new cold storage facility in place, the company is well-positioned to capitalize on the growing demand for frozen seafood products both domestically and internationally.
KAF Investment Bank played a crucial role in Ocean Fresh’s IPO exercise, serving as the principal adviser, sponsor, underwriter, and placement agent. The strong backing from KAF Investment Bank reflects the confidence in Ocean Fresh’s growth prospects and market potential.
In conclusion, Ocean Fresh’s strong debut on the ACE Market of Bursa Malaysia is a testament to the company’s solid business fundamentals and growth strategy. With a clear focus on expanding its production capacity, meeting market demand, and exploring new export markets, Ocean Fresh is well-positioned for future success in the competitive seafood industry. Investors and industry watchers will be closely monitoring the company’s progress as it continues on its growth trajectory.
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