Ocean Frozen Foods got off to a good start and plan to expand the freezer
Ocean frozen food $OFB(0312.MY)$On the first day, it landed on the Malaysian Stock GEM. After raising capital and expanding refrigerated storage facilities, it was able to further expand its overseas market footprint.
The company's initial public offering (IPO), issued 5.5 million new shares, and raised a total of RM1.41 million to raise working capital and expand its businesses, such as expanding the company's existing refrigeration facilities.
Of this, 57.09%, or RM8 million, will be used to expand the refrigerated storage facility in Kuantan, Pahang, increasing the stock from 1,700 tons to 4,700 tons.
The above inventory expansion will involve expanding the refrigerated space covering a total area of 3,747 square meters, including 6 refrigerating rooms, cargo handling areas, a lobby, and an office floor.
After the Malaysian Exchange this morning, the company described at a press conference that the freezer is a facility similar to a “weapon,” so it will only be invested in the refrigerated storage facility after raising more than half of the capital from the listing activities.
Ji Yuanchun, executive director and head of operations, said, “As a seafood processor, you can stock up on seafood supplies during periods when demand is high and prices are low; you can earn higher profits by leaving demand low and prices to rise again before selling.”
Increased warehousing helps overseas expansion
Furthermore, the company also aims to further develop overseas markets after the expansion of refrigerated storage facilities.
According to fiscal year 2023 revenue, frozen seafood retail revenue contributed 17.21% of the local share, China (33.49%), Turkey (24...

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### Financial Ratios
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