The Sun (Malaysia)
Malaysia’s Agro Capital to list on New York over-the-counter market
PETALING JAYA: Home-grown aquaculture company Agro Capital Management Bhd will be listed on the over-the-counter exchange in New York, following its successful reverse takeover of a US entity listed on that bourse.
Agro Capital operates a broad range of aquaculture farms in Malaysia. It is able to harvest from its own farms and export its products in the form of processed table food. It also has the capability to directly serve the ever-increasing demand of local exporters.
In a statement released yesterday, its executive chairman Datuk Mohd Nasir Baba said sustainable aquaculture is the future of seafood.
“Part of the reason for aquaculture’s growth is the increase in global demand for seafood coupled with a flat or declining supply from wild harvesting.
“We have recognised a market gap and need to meet increasing market demands for seafood, and hence, will continue to develop sustainable methods of cultivation in a cost-effective manner,” he added.
Nasir said the company was recently granted 100 acres in Sungai Miang, Pekan, by the Pahang state government, bringing the company’s total land development size within the area to 150 acres.
He explained that the 100 acres was granted with concessionary rights for the development of aquaculture projects in Pahang. It forms part of a 268-acre project that is planned for the assigned area.
“This project grant is expected to create and increase the current job market in Pahang, as well as in neighbouring states and provinces over the next few years,” he added.
Nasir said he is confident that the reverse takeover will not only boost the company’s profile as a premier aquaculture company in Malaysia, but also in Asia.
“We are pursuing global recognition as a leading company in the trading, export and production of commercial aquaculture of marine shrimp and food fish,” he added.