SBH Marine opens at 16% premium at 25.5c/share
KUALA LUMPUR: SHB Marine Holdings Bhd opened at 25.5 sen a share, representing a 3.5 sen or 15.9% premium over its initial public offering (IPO) price of 22 sen a share.

The frozen seafood processor, which made its debut on the ACE Market of Bursa Malaysia today, was the market's top traded share with 216.6 million units changing hand at the start of trading.

Upon its listing, the company's market capitalisation stood at RM195mil based on an enlarged share capital of 888 million shares.

SBH Marine's IPO entailed a public issue of 180 million new ordinary shares, with 45 million shares for application by the Malaysian public, as well as an offer for sale of 50 million existing ordinary shares.

The public portion of SBH Marine's IPO was oversubscribed 27.66 times, with a total of 10,071 applications for 1.29 billion issue shares valued at RM283.68mil received from the Malaysian public.

SBH Marine raised gross proceeds of RM39.6mil from its IPO, with the lion’s share going towards business expansion.

The group has earmarked about RM16mil of the proceeds to further develop its aquaculture shrimp farm in Selinsing, Perak, and spend RM6.5mil to construct a second seafood processing plant in Kuala Krau, Perak.

It would also allocate RM6.1mil of the proceeds for the purchase of new machinery, equipment and motor vehicles.

The remainder of the proceeds will go towards working capital and listing expenses.




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KUALA LUMPUR: SHB Marine Holdings Bhd opened at 25.5 sen a share, representing a 3.5 sen or 15.9% premium over its initial public offering (IPO) price of 22 sen a share.