Asmak Bahrain considers selling its shares in an initial public offering (IPO) in order to be listed on Bahrain Bourse (BHB), as soon as it hits the target production of 1500 tons per year, said Asmak chairman Saqer Shaheen.

The company, which is located on the country's east coast, is planning to launch a fish farming project with a cost of BHD 5 million to meet 10% of local consumption demand in Bahrain, added the chairman.

The top executive also noted that the project will include 36 investors and a leading firm in Bahrain, with a paid-up capital of BHD 1.3 million.

Mumtalakat Holding and Bahrain Development Bank will be the main shareholders in Asmak.

Asmak was founded in 2010 with the principal aim of introducing the first open-sea floating cage aquaculture project.