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PRAWN farming and processing company Camaroe Bhd has received approval from Bursa Malaysia to list on the ACE Market.
The IPO, approved on May 26, will see Camaroe offering 30% of its enlarged share capital, comprising a public issuance of 99 million new shares and an offer for sale of 49.5 million existing shares.
The proceeds will fund the construction of a new processing plant in Bukit Raja, the relocation of operations from its existing Kapar facility, and the establishment of a biotechnology department to support prawn farming research.
Founded in 2009, Camaroe operates 138 prawn ponds across five farms and exports black tiger prawns to China, South Korea and Taiwan.
The group posted a net profit of RM11.7 million on revenue of RM33.91 million in 2023.
M&A Securities is the principal adviser, sponsor, underwriter and placement agent for the IPO.
The company has up to six months from approval to complete its listing. — TMR
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The post Prawn farmer Camaroe gets Bursa nod for ACE Market listing appeared first on The Malaysian Reserve.
