Image shows Datuk Sri Chin Yung Kong (fourth left), CEO of New York’s QMIS Finance Securities Corporation and Chong signing the agreement.
KUCHING: Sarawak-based Borneo Industrial Fishery Sdn Bhd (Borneo Industrial Fishery) plans to further list on the New York Stock Exchange (NYSE) within two years.
This was said during the group’s announcement to list on the OTC stock market.
According to a statement, the company aims to raise US$15 million (RM55 million) through the offering of a 15 per cent stake, chief executive officer Chong Ted Shen told reporters after signing an agreement with New York’s QMIS Finance Securities Corp, its consulting partner for the initial public offierng on the OTC.
Borneo Industrial Fishery’s main activities include the management of commercial fishing fleets, trading in seafood products, fisheries port management and also down-stream industrialization of marine produce.
The IPO proceeds will be used to fund its market expansion, firstly in Sarawak, and to respond to the international market’s demand for seafood products with Sarawak’s abundant marine seafood resources while also introducing its proprietary fisheries management system to improve sustainability, according to Chong.