Integrated aquaculture group Camaroe Bhd, established in 2009 and specializing in black tiger prawns, has secured approval for its listing on the ACE Market. The move, aimed at boosting production and enhancing operational efficiency through strategic expansion and recent acquisition, is spearheaded by Managing Director and major shareholder Teoh Han Boon.
KUALA LUMPUR – Camaroe Bhd, a leading integrated aquaculture group with roots dating back to 2009, has received the green light from Bursa Malaysia Securities for its upcoming listing on the ACE Market. Specializing in black tiger prawn farming and processing, Camaroe's initial operations began with ponds and a processing facility in Kapar.
Teoh Han Boon, Camaroe's Managing Director and the 'strategy man' behind the story
The company announced today that its Initial Public Offering (IPO) will involve the issuance of 99 million new shares, alongside an offer for sale of 49.5 million existing shares to select investors.
Teoh Han Boon, Camaroe's Managing Director and a major shareholder with over 50% direct and indirect ownership, highlighted that the IPO will be pivotal in expanding Camaroe's production capacity and boosting operational efficiency. "With the group’s strong foundation in prawn farming and expanding processing capabilities, the IPO will allow Camaroe to increase production capacity and enhance operational efficiency through new machinery and technology," Boon stated. He added, "Additionally, it will strengthen our product quality through the establishment of a biotechnology department."
Further solidifying its integrated model, Camaroe Berhad acquired 100% of Wynntech Star Sdn. Bhd. in August 2024, officially making it a wholly-owned subsidiary. While Teoh Han Boon holds leadership roles in both entities, prior to the acquisition, his involvement at Wynntech was primarily in a supporting capacity, rather than day-to-day management. This strategic acquisition enhances Camaroe's overall operational footprint.
Camaroe's IPO share allocation includes 24.75 million shares (5% of the enlarged issued share capital) for the Malaysian public, split equally between general public investors and Bumiputera public investors. An additional 12.38 million shares (2.5%) are reserved for eligible directors, key senior management, and employees via pink form allocations. Furthermore, 61.87 million shares (12.5%) are earmarked for private placement to Bumiputera investors approved by the Ministry of Investment, Trade and Industry.
The company intends to utilize the IPO proceeds to finance the construction of a new processing facility in Bukit Raja, acquire essential machinery and equipment, and install solar panels to enhance its sustainability initiatives. A significant portion of the funds will also support the establishment of a biotechnology department, bolstering Camaroe's research capabilities and improving farming efficiencies.
Datuk Bill Tan, Managing Director of M&A Securities Sdn Bhd, the principal adviser, sponsor, underwriter, and placement agent for the IPO, expressed confidence in Camaroe's prospects. "Camaroe’s well-established aquaculture infrastructure, coupled with its vertically integrated model and growing presence in export markets, places it in a favourable position to benefit from rising global demand for premium seafood," Tan remarked. He concluded, "The group’s proven capabilities in producing quality black tiger prawns, as attested by its ability to meet locally and internationally recognised quality standards, make it a compelling listing candidate on the ACE Market."
The company intends to utilize the IPO proceeds to finance the construction of a new processing facility in Bukit Raja, acquire essential machinery and equipment, and install solar panels to enhance its sustainability initiatives. A significant portion of the funds will also support the establishment of a biotechnology department, bolstering Camaroe's research capabilities and improving farming efficiencies.
Print
