3rd Feb 2015 10:09
LONDON (Alliance News) - China-based seafood processor and supplier Aquatic Foods Group PLC began trading on AIM Tuesday, after raising GBP9.3 million through the issue of 13.2 million shares at 70 pence each.
Shares in the company are trading up 2.1% at 71.5 pence Tuesday morning.
Based on the placing price, the company has a market capitalisation of GBP79.3 million, making it the largest of any AIM arrival so far in 2015, exceeding the earlier initial public offering of China-based Grand Group Investment, which had a market capitalisation of GBP27.1 million on admission.
Aquatic Foods plans to use the funds raised in its flotation to expand its processing capabilities by buying new machinery, expanding its facilities to meet an expected increase in product demand, as well as investing in products and expanding its product distributor networks.
It will commit some of the funds to expanding in the Zhenhaitang chain of stores in China, which will exclusively sell its product range.
"Aquatic Foods Group's fundraising and admission to AIM marks an important landmark for the company as we look to grow and cement our place as a leading Chinese marine foods and seafood processing company," said Chief Executive Officer Li Xianzhi in a statement.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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