Camaroe in IPO underwriting agreement

From left: Camaroe executive director Low Saw Cheng, managing director Teoh Han Boon, M&A Securities managing director of corporate finance ⁠Datuk Bill Tan and deputy head of corporate finance Danny Wong.

PETALING JAYA: Integrated aquaculture group Camaroe Bhd has signed a deal with M&A Securities Sdn Bhd for the underwriting of 37.13 million initial public offering (IPO) shares allocated for the public and under pink form allocations.

Camaroe’s IPO entails the issuance of 99 million new shares, comprising 24.75 million shares for the public, 12.38 million shares for eligible persons via the pink form allocations and 61.87 million shares via private placement to bumiputra investors.

There is also an offer for sale of 49.5 million existing shares by way of private placement to selected investors.

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.