Megan Holdings Nets $8.3M from 20.75M Share Offering for Aquaculture Expansion
Megan Holdings closed its follow-on offering of 20.75M Class A ordinary shares at US$0.40 each, raising US$8.3M gross to support its shrimp hatchery and 111-acre farm developments in Sabah. D. Boral Capital served as exclusive placement agent under an SEC-declared effective Form F-1 registration.
1. Offering Structure and Proceeds
Megan Holdings issued 20.75 million Class A ordinary shares at a public offering price of US$0.40 per share, resulting in gross proceeds of US$8.3 million before placement agent fees and expenses. The follow-on offering closed on February 27, 2026, under a registered Form F-1 declared effective on February 23.
2. Expansion Funding Objectives
The raised capital is earmarked to support the company’s core aquaculture development projects, including its shrimp hatchery center in Semporna, Sabah, and the construction and maintenance of a 111-acre shrimp farm in Tawau, Sabah. These initiatives aim to bolster Megan’s position as a one-stop provider of shrimp farm development, construction, and maintenance services.
3. Placement Agent and Legal Advisors
D. Boral Capital LLC acted as the exclusive placement agent for the offering. Ortoli Rosenstadt LLP served as U.S. securities counsel to the company, while Loeb & Loeb LLP provided U.S. securities counsel to the placement agent, ensuring compliance with regulatory requirements.
4. SEC Registration and Forward-Looking Statements
The offering was conducted via a prospectus forming part of the Company’s amended Form F-1 registration statement (File No. 333-292850). Forward-looking statements within the offering documents include risks and uncertainties related to the company’s expectations for project execution and financial performance.