Ocean Fresh Berhad (Malaysia)

The Company was incorporated on 22 May 2023 as a private limited company and domiciled in Malaysia. On 29 August 2023, the company converted from a private limited company to a public company limited by shares.
The Company is principally engaged in the business of investment holding and through our wholly-owned subsidiaries, our Group is principally involved in the processing and trading of frozen seafood products. In addition, the company are also involved in the provision of frozen seafood processing services.
2002 - The company was incorporated and commenced its operations with nine (9) semicontact blast freezers and a cold room.
2003 - The company set up Factory B and began processing and trading of otoshimi and surimi products. Lianli Huat was incorporated
2004 - The company invested into Lianli Huat, resulting in it holding an 18.00 equity interest in Lianli Huat.
2005 - The company obtained the HACCP certification for its Processing Facility.
2007 - The company obtained the EU Number 75 Certificate and secured its first order from customers in Italy and Spain, which are part of the EU. Our Group's Non-Independent Non-Executive Director, Law Chee Kheong and Dato' Sri Chia Hooi Huak through Treasure Gain acquired 40.00 equity interests in OFS Products from Aquamarine Industries Sdn Bhd, an investment holding company. Our Group's Non-Independent Non-Executive Directors, Law Chee Kheong and Dato' Sri Chia Hooi Huak through Treasure Gain acquired 40.00 equity interest in Lianli Huat from Tan Yeok Kweng, Ong Lian Oeu, Beh Hong Ang, Chung Hooi Yong, Tan Boon Suan and Meng Fanzhe.
2008 - Tan Song Hoak and our Group's Executive Director, Siang Hai Yong through Untung Besar acquired 60.00 equity interest in OFS Products from the remaining shareholders of OFS Products at the time, i.e. Tan Song Hoak, Kee Yow Lee, Lim Lien Tong, Tan Eng Aun and Lee Siok Ming. Tan Song Hoak and our Group's Executive Director, Siang Hai Yong as well as other shareholders of Lianli Huat at the time, consolidated their equity interests of 42.00 in Lianli Huat under Untung Besar. The company began exporting frozen seafood products to Portugal and countries in Asia Pacific, namely Korea and Vietnam.
2009 - The company secured its first orders from customers in China and Indonesia. OF Trading was incorporated to focus on sourcing new seafood suppliers and inspecting seafood supplies to ensure its quality.
2010 - The company secured its first orders from Singapore. Lianli Huat ceased its otoshimi and surimi processing business after the fire outbreak in Factory B and began to be involved in trading of frozen seafood products.
2011 - The company obtained the GMP certification and obtained the export approval from DAH in Vietnam. The company secured its first order from Thailand.
2012 - Factory B's reconstruction was completed. The company obtained the FDA certificate and secured its first oder from Australia.
2013 - The company Products obtained HALAL certificate Siang Hai Yong took over Tan Song Hoak's role after Tan Song Hoak resigned from his role and sold his equity interest in OFS Products through Untung Besar.
2014 - The company acquired the remaining 82.00 equity interest in Lianli Huat from Treasure Gain and Untung Besar.
2015 - The company obtained certificate from CNCA.
2017 - East Ocean was incorporated to focus on seafood supplies sourced from Sabah.
2018 - The company secured its first order from the Philippines.
2020 - The company secured its first order from Turkey.
2021 - Teo Chee Han was appointed as Executive Director and has since been in charge of international business development activities and corporate affairs.
2022 - The company acquired the entire equity interest in OF Trading.
2023 - The company acquired the entire equity interest in East Ocean. Our Company was incorporated to facilitate the Listing and acquired OFS Products, Lianli Huat, OF Trading and East Ocean.
Despite the MCOs, our processing and trading activities were allowed to continue as our business was recognised as an essential service. The company received MITI's approval on 21 March 2020 indicating that we were allowed to operate our processing activities during the MCO. In accordance with the SOPs set out by the Government at the time, the company were also allowed to operate our Processing Facility at lower capacity and/or shorter operating hours throughout different phases of the MCOs. Thus, this has reduced the impact of the COVID-19 on our Group's financial performance during FYE 2020 and FYE 2021.
However, the company experienced longer delivery time for imported seafood supplies as well as for our frozen seafood products exported to our international customers mainly as a result of shortage of shipping containers and implementation of additional SOPs at the ports. This has resulted in an increase in shipping costs which we were generally able to pass on to our customers.
Our Group has not suffered any material interruptions to our business operations throughout the MCOs that have been implemented thus far. In addition, the COVID-19 did not have a significant adverse impact on our overall financial performance for the Financial Years Under Review as evident by the growth in our revenue from RM94.06 million in the FYE 2020 to RM159.45 million in the FYE 2023.
In conjunction with, and as an integral part of the listing of and quotation for the entire issued share capital of the Group on the ACE Market of Bursa Malaysia Securities Berhad, the Company has undertaken the acquisition of Ocean Fresh Seafood Products Sdn. Bhd. and its subsidiaries (“Proposed Acquisition”). On 9 October 2023, the Company had entered into a share sale agreement in relations to the Proposed Acquisition for a total consideration of RM38,423,040.
Subsequent to the acquisition, the Group has undertaken an internal restructuring by acquiring the entire issued share capital of OFS, LLH, EO and OFT, to be held directly by Ocean Fresh Berhad., for a total consideration of RM7,614,603.