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Aquatic Foods Group nets £9.3 million on AIM
Feb 15, 2015

Aquatic Foods Group Plc (AFG) has announced its successful placing, subscription and admission to trading on the AIM market of the London Stock Exchange.
 
AFG is a Jersey holding company whose principal operating subsidiary is a leading marine foods and seafood processor and supplier based in the People’s Republic of China (PRC), supplying to the overseas and local PRC markets respectively. The group offers a wide range of processed frozen seafood, seaweed based foods and marine snack foods under the ‘Zhenhaitang’ ‘Kanwa Foodstuffs’ brands.

Aquatic Foods Group Plc (AFG) has announced its successful placing, subscription and admission to trading on the AIM market of the London Stock Exchange.

AFG is a Jersey holding company whose principal operating subsidiary is a leading marine foods and seafood processor and supplier based in the People’s Republic of China (PRC), supplying to the overseas and local PRC markets respectively. The group offers a wide range of processed frozen seafood, seaweed based foods and marine snack foods under the ‘Zhenhaitang’ ‘Kanwa Foodstuffs’ brands.

The group’s business objective is to be the leading processed seafood supplier in the PRC. They have developed excellent food safety procedures which the directors believe has helped the group to build a strong track record of supplying its products into overseas markets. They believe this has improved the perception of the quality and reliability of the products and has allowed them to expand significantly into local markets as the demand for seafood products has increased.
 
Their operations are located in the Laishan Shengquan Economic Development Zone, Yantai City, Shandong province, a region well known for its seafood industry with the largest fishing seaport in Shandong Province.

In order to expand the group’s processing capacity and meet anticipated customer demand, the company has raised gross proceeds of £9.3 million at 70p per ordinary share through a placing and subscription on AIM.

In addition to expanding the group's processing capacity through new facilities and increased automation, the proceeds will also provide working capital to invest in a distribution network so the business can develop its market presence and increase demand for its products. The directors believe that admission will improve the company's reputation as well as provide future access to capital to support its strategic objectives.

National audit, tax and advisory firm Crowe Clark Whitehill acted as reporting accountants to the transaction, with its capital markets team led by Robin Stevens, Chulanga Jayawardana and James Jupp.

Robin Stevens, partner at Crowe Clark Whitehill, said: “We are delighted to have worked closely with Aquatic Foods throughout the pre AIM admission process and we very much look forward to working with the team during the next phase of the company’s planned development”

Sean Lim, Finance Director, of AFG said: “We are very pleased with the exceptional service provided by the team at Crowe Clark Whitehill. They were an integral part of our IPO team and we would recommend them to other companies seeking an admission to AIM.”