KUALA LUMPUR: SBH Marine Holdings Bhd made its debut on the ACE market of Bursa Malaysia at an almost 16 per cent premium of 25.5 sen per share, over its initial public offering (IPO) price of 22 sen per share.
SBH raised a total of RM39.6 million through the public issue of 180.0 million new ordinary shares priced at 22 sen per share.
The company announced that over 70 per cent of the gross amount will be allocated for business expansion, with 40.4 per cent or RM16.0 million earmarked for the development of the Selinsing shrimp farm.
Another 16.4 per cent, or RM6.5 million, will be for the construction of its second seafood processing plant and another 15.4 per cent or RM6.1 million for purchase of machinery or equipment and motor vehicles.
The remaining proceeds of RM11.0 million have been earmarked for working capital and listing expenses respectively.
As at 9.25am, it was the most actively traded stock on the market, trading 20 per cent higher at 26.5 sen a share. Some 88.1 million shares changed hands.