Kuala lumpur: Camaroe Bhd has inked an underwriting agreement with M and A Securities Sdn Bhd for its initial public offering (IPO) on the ACE Market of Bursa Malaysia Securities Bhd. The integrated aquaculture group, which specialises in the farming and processing of black tiger prawns, said the IPO involves the issuance of 99 million new ordinary shares and an offer for sale of 49.50 million existing shares.

According to BERNAMA News Agency, of the 99 million new shares, 24.75 million shares of the group’s enlarged issued share capital will be offered to the Malaysian public. This comprises 2.50 percent allocated to public investors and another 2.50 percent reserved for Bumiputera public investors.

Additionally, 12.38 million shares of the enlarged issued share capital have been earmarked for eligible directors, key senior management, employees, and individuals who have contributed to the group’s success, under the pink form allocations. Meanwhile, 61.87 million shares of the enlarged issued share capital have been set aside for private placement to Bumiputera investors approved by the Ministry of Investment, Trade and Industry (MITI).

As part of the offer for sale, 49.50 million existing shares, or 10.00 percent of the enlarged issued share capital, will be placed with selected investors via a private placement.

Camaroe said the IPO proceeds will primarily be utilised for the construction of a new Bukit Raja processing facility, purchase of machinery and equipment, installation of solar panels, and the establishment of a biotechnology department. These initiatives are aimed at expanding processing capacity, improving sustainability, and driving operational efficiency.

Its managing director, Teoh Han Boon, said the signing of the underwriting agreement was a significant step forward in their listing journey. With the IPO proceeds, they aim to enhance processing infrastructure, adopt clean energy solutions, and invest in biotechnology to further farming productivity and sustainability. These efforts will reinforce their position in the prawn export market.