As announced on 23 July 2019, the Company successfully raised $5 million to fund the operations of New Zealand Coastal Seafoods Limited and facilitate the recommencement of trading of its shares on ASX.
The capital raising received significant support from local and international shareholders, driven largely by the quality of the Company’s primary seafood product – Ling Maw. With the funding and compliance-related matters of the acquisition now complete, NZS is well-positioned to execute its growth strategy.
To this end, the net proceeds of the capital raising will be applied to:
- Increasing sales of existing products through expanded production capacity via a new, larger premises and increased ability to access fresh seafood supply;
- Further improving profit margins by extending the range of products to include ready-to-eat products such as pre-packaged soups; and
- Expanding sales capacity by growing its sales force and expanding distribution channels in existing markets, such as New Zealand, Australia and Hong Kong and entering or further penetrating as relevant markets such as China, Malaysia, Singapore, Indonesia and Vietnam.
“Successfully listing on the ASX is a major milestone in our journey to becoming a leading global supplier of premium, New Zealand dried seafood products. The ASX listing gives us access to Australia’s capital markets and positions the Company in the doorway to Asia”. – CEO, Peter Win.
This was originally published as an ASX Announcement, which can be found HERE.