Achia Sea Foods QIO subscription opens on 19 June

The qualified investor offer (QIO) subscription of Achia Sea Foods Ltd, a 100% export-oriented seafood producer, will begin on 19 June and continue till 23 June.

Earlier, the Bangladesh Securities and Exchange Commission (BSEC) approved the company to raise Tk15 crore from the SME platform of the Dhaka bourse through a QIO.

The company will issue 1.5 crore ordinary shares at Tk10 each and use the fund for machinery installation, loan repayment, and issue management.

The company will not be allowed to issue bonus shares for three years after its listing on the SME platform.

AAA Finance and Investment Limited is the issue manager for the company.

In fiscal 2020-21, the company's earnings per share (EPS) stood at Tk1.88 and the net asset value per share at Tk17.07.

During the year, its revenue stood at Tk137.73 crore, which was Tk44.02 crore in the previous year.

In FY21, the company's net profit was Tk4.20 crore, which was Tk1.48 crore in the previous year.

Earlier, Achia Sea Foods applied to the BSEC for an initial public offering (IPO) but failed to comply with public issue rules.

Bangladesh's frozen foods industry is one of the most significant components of the country's economy. The country earns a significant amount of foreign currency from exporting frozen foods to the European and American markets.

The public sector corporation and the private organisations have set up about 145 shore-based export-oriented fish processing plants in different areas across the country.

Rev: Moin