Aquatic Food Group Plc (AFG) has announced its successful application, subscription and placing on the London Stock Exchange AIM market.

The placement on AIM has raised gross proceeds of £9.3 million at 70p per ordinary share. The money has been earmarked for expanding the company’s processing capacity and meeting future customer demand.

AFG’s operational base is in the Laishan Shengquan Economic Development Zone, Yantai City, Shandong. It is an area well know for its seafood industry and the company sells its product to both domestic and overseas markets.

The company’s directors hope that being accepted onto the AIM platform will help to improve the reputation of the business as well as provide future access to capital that will subsequently help to support its strategic goals.

Audit firm Crowe Clark Whitehall acted in an advisory capacity throughout the process. Partner Robin Stevens said he and his team are “looking forward to working with the team during the next phase of the company’s planned development”.

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