Malaysian aquaculture company Agro Capital Management Berhad (ACMB) is en route to listing on the Over-The-Counter (OTC) Market in New York, following its successful reverse takeover (RTO) of an undisclosed US-listed entity on the OTC exchange.
The company targets to be moved up onto the New York Stock Exchange (NYSE) in the next four to five years.
ACMB operates a broad range of aquaculture farms in Malaysia. The company has the ability to harvest from its own farms and export its products in the form of processed table food, as well as the capability to directly serve the ever-increasing demand of local market exporters, it said in a statement.
Executive chairman Mohd Nasir Baba commented that 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 recognized 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 said.
Baba said he is confident that the RTO would not only expose ACMB’s profile as a premier aquaculture company in Malaysia, but also in the Asian region.
“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.
ACMB was recently granted 100 acres in Sungai Miang, Pekan by the state government of the state of Pahang in Peninsular Malaysia.
The 100 acres is granted with concessionary aquaculture rights for the development of aquaculture projects in Pahang, which is 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 neighbouring states and provinces over the next few years.
In addition to the abovementioned 100 acres, ACMB already has 50 acres within the same development area bringing the Company’s total land development size in Pekan to 150 acres.