Megan Holdings Limited (NASDAQ: MGN), a Malaysia-based company specializing in the development, construction, and maintenance of aquaculture farms, has closed its follow-on public offering, generating gross proceeds of approximately $8.3 million. The offering consisted of 20,750,000 Class A ordinary shares at a public offering price of $0.40 per share. D. Boral Capital LLC acted as the exclusive placement agent for the offering. The company plans to use the net proceeds for working capital and general corporate purposes, which may include expanding its shrimp farming operations and developing new aquaculture facilities.
Since its inception in 2020, Megan has focused on establishing itself as a trusted provider of shrimp farm maintenance services in Malaysia. The company offers upgrading and maintenance services, as well as assistance with the design and development of new farms. Notable projects include the development and construction of a shrimp hatchery center in Semporna, Sabah, and the development of a 111-acre shrimp farm in Tawau, Sabah. Megan also helps customers source building materials and machinery for rental, positioning itself as a one-stop center for aquaculture and agriculture needs.
The completion of this offering provides Megan with additional capital to pursue growth opportunities in the aquaculture sector. The company's shares are listed on the Nasdaq Capital Market under the ticker symbol MGN. For more information, visit the company's website at https://www.meganmezanin.com/.
The press release regarding the offering is available at https://ibn.fm/a3aq2.
