Health and Pharmaceutical Sector in Malaysia
|Title:||Hovid And Carotech Expect Listing By First Quarter Of 2005|
IPOH, Dec 31 (Bernama) -- Two Ipoh-based pharmaceutical companies, Hovid Bhd and Carotech Bhd are expected to be listed on the Second Board of Bursa Malaysia and Mesdaq market respectively by the first quarter of next year.
Hovid's managing director, David Ho said that they were currently working on the draft of prospectus before submitting it for the approval of relevant authorities, including the Securities Commission (SC) and Ministry of International Trade and Industry.
"If everything goes on well, we hope to get listed in January or February or by the first quarter," he told reporters here.
Once listed, Hovid is set to become the new holding company for Ho Yan Hor Holdings Sdn Bhd, with subsidiaries that include Hovid Pharmacy, Hovid Inc. (Philippines), Ho Yan Hor (Singapore), Hovid Marketing, Javid Sdn Bhd, Carotech and Carotech Inc (USA).
Ho said both Hovid and Carotech had received approval from SC and Bursa Malaysia for the listing, making them the first companies from the same group seeking listing at the same time.
Hovid, which is known for its Hor Yan Hor brand of herbal tea, is one of the leading pharmaceutical companies in the country while Carotech is said to be the first Malaysian firm to be able to extract mixed carotene and vitamin E from crude palm oil on a commercial basis.
Ho said both companies have a total of 900 staff and currently export their products to more than 50 countries.
Ho Yan Hor Holdings has reported a jump of 183 percent in group profit after tax for a two-year period ended June 30, 2004.
Ho said the group's turnover increased by an average of 25 percent annually over the last two years. Turnover was RM123 million for the 2004 financial year compared with RM79 million for 2002, an increase of more than 55 percent.
The company has two manufacturing plants in Ipoh, producing about 300 types of pharmaceutical products ranging from antibiotics to anti-diabetes, anti hypertension and anti-malaria drugs.
Upoh listing, Hovid is expected to have value of RM180 million and Carotech RM160 million.