KUALA LUMPUR: The per capita seafood consumption here amounted to 52.7kg in 2021, putting Malaysia as one of the top seafood consumers in Asia Pacific, said Ocean Fresh Bhd executive director Teo Chee Han. 

Teo expects the demand for seafood in Malaysia to continue to grow driven by improving living standards and disposable income of the population.  

"We believe the long-term growth of disposable income will support the population's growing demand for seafood, including frozen seafood products," he said in a statement. 

Given the landscape, Teo believes Ocean Fresh's initial public offering (IPO) will be instrumental in enabling the company's to cater to the increasing demand. 

He said this includes fulfilling its plan to grow exports of frozen seafood products to international markets, particularly China as well as to venture into the processing and trading of dried seafood products. 

Ocean Fresh aims to raise RM14.01 million through the IPO ahead of its listing on the ACE Market of Bursa Malaysia on July 4. 

The company expects the RM14.01 million via the issuance of 50.05 million new shares at 28 sen each.  

It will use 57.09 per cent or RM8.00 million of the RM14.01 million as capital expenditure for a new cold storage facility in Kuantan, Pahang. 

A total of 17.94 per cent or RM2.51 million will be used for working capital requirements and the remaining 24.97 per cent or RM3.50 million will be used for estimated listing expenses. 

Application for the public issue portion of the IPO will open on June 12 and close on June 20.

KAF Investment Bank is the principal adviser, sponsor, underwriter and placement agent for the IPO.