A listed investment firm is making a beeline for Australia’s largest honey company, Capilano, to become its biggest shareholder before it begins trading on the Australian Securities Exchange (ASX).

Capilano was established in 1953 in Brisbane’s west and has grown to be one of the world’s largest honey distributors, processing over 45,000 tonnes of honey each year and exporting to 33 countries.

Mariner Corporation on Wednesday announced it wanted to spend $925,000 to increase its stake in Capilano to 20 per cent, from a recently purchased 12.7 per cent.

Mariner has offered Capilano shareholders $1.50 per share.

“Mariner believes that Capilano Honey represents good value at $1.50 per share, and that Mariner will achieve upside from its investment when Capilano Honey moves from the BSX (Bendigo Stock Exchange) to the ASX,” the investment firm said in a statement.

Mariner also holds investments in egg supplier Farm Pride and Peanut Company of Australia.

Capilano made a profit of $4.47 million in the 2010/11 financial year, a turnaround from a $5.98 million loss in the previous financial year due to cost cutting and a decision to withdraw from some of its markets.

Capilano recently posted a net profit of $1.23 million for the six months to December 31, 2011.

It is listed on the Bendigo Stock Exchange (BSX) but plans to list on the ASX when the BSX closes on June 30.

The BSX was established in 2000 to assist small companies raise capital and was bought by Australia’s second largest stock exchange, the National Stock Exchange (NSX), in 2005.

Companies listed on the BSX are migrating to the NSX or ASX.