Borneo Aqua listed on the Mesdaq
Daily Express
6 September 2005

Kuala Lumpur: Marine-based company Borneo Aqua Harvest Bhd plans to construct another new indoor hatchery by next year, said its managing director Datuk Lo Fui Ming.

"We are looking at good transportation location in Peninsular Malaysia," he told reports after the company's listing on the Mesdaq Market of Bursa Malaysia Monday.

Lo said a new indoor hatchery being constructed at Pulau Palak in Sandakan, Sabah, was expected to be completed in November this year.

He said the hatchery, involving an investment of RM4 million, would have the capacity to handle about two million fish fry per month.

The company's expansion plans also included the acquisition of additional 87 acres of land for construction of new ponds and the construction of additional new sea cages for fish rearing activities.

Borneo Aqua, the first integrated marine aquaculture company listed on the Mesdaq Market, opened flat in its debut against its offer price of 33 sen with 9,451 lots traded.

The company made a public issue of 25 million new ordinary shares of 10 sen each at an issue price of 99 sen per share.

As the company has implemented a two-for-one bonus issue, the issue price is theoretically adjusted to 33 sen per share.

Lo said with Malaysia importing about 50 million various fish fry from overseas each year, the company was confident of the growing potential in the industry.

"We are currently conducting research on several other species of fish to broaden our base. There are still many downstream activities and business opportunities in aquaculture industry that we can explore to bring Borneo Aqua to greater heights," he said.

Borneo Aqua, which has a presence in Hong Kong, China and Taiwan, is expected to make its entry into Japan and South Korea next year.

The company plans to export its new species, Barred Knifejaw, to South Korea next year and is looking towards Japan for possible export opportunities. Asked about the competition in the overseas markets, Lo said Borneo Aqua has gained the trust of its customers overseas who depended on a regular supply of high quality marine products, especially those in temperate countries where the weather did not permit year-round aquaculture.

"The key to maintaining a competitive edge is in consistently supplying high quality products. Besides, we also offer the lowest cost compared to our competitors in this industry," he said. - Bernama.