London Stock Exchange is pleased to welcome Aquatic Foods Group Plc
London Stock Exchange is pleased to welcome Aquatic Foods Group Plc (“Aquatic Foods”, the “Company”, and together with its subsidiaries the “Group”) to AIM on 3 February 2015 (symbol AFG).
Aquatic Foods Group is a leading marine foods and seafood processor and supplier based in the People’s Republic of China (“PRC”), supplying to export and local markets. The Group operates through two key brands: “Zhenhaitang” servicing the local market and “Kanwa Foodstuffs” servicing international markets. Each brand offers a wide range of quality marine foods and seafood, specialising in processed frozen seafood, seaweed-based foods and marine snack foods. Through adhering to high food safety procedures, the Group has built a strong track record of supplying its product into overseas markets. This track record has enhanced the perception of the quality and reliability of the Group’s products in the PRC and has allowed the Group’s products in the PRC and has allowed the Group to expand significantly into local markets as demand for seafood products has increased. As of 30 June 2014, the Group marketed its products through 50 regional distributors covering 16 provinces, municipalities and autonomous regions in the PRC.
The Group’s strategy centres around becoming the leading processed seafood supplier in the PRC and can be split into three key target areas: to enhance brand awareness and strengthen its current market position; to broaden is distribution network in the PRC as well as strengthen relationships with distributors and key customers; and to invest and strengthen market-orientated product development activities in order to continue to provide innovative products to stand out from the competition.
Aquatic Foods, together with SP Angel, successfully raised £ 9.3 million, resulting in a market capitalisation on admission of approximately £ 79.3 million.
Li Xianzhi, Chief Executive Officer of Aquatic Foods Group Plc, said: “It is a great honour for the Aquatic Foods team to participate in this milestone event at the London Stock Exchange today. We will continue to capture opportunities in the growing marine foods and seafood market in the PRC by focussing on our strategy going forward.”
SP Angel Corporate Finance LLP acted as Nominated Adviser and Broker to the Company, with Olswang LLP and Crowe Clark Whitehill LLP acting as legal adviser and reporting accountant to the Company respectively. Abchurch Communications Limited provided financial PR advice.