Carotech to go public in Malaysia
Set up in 1992, Carotech Bhd is the first and largest integrated plant in the world to commercially extract natural full spectrum tocotrienol complex (Tocomin), a potent form of natural Vitamin E.
14/04/05 Carotech Bhd, Malaysia and its subsidiary Carotech Inc, NJ are to be floated on the Malaysian stock exchange this Friday. MESDAQ Board is the Malaysian equivalent of the US NASDAQ Board for high growth and high technology companies. The company announced its initial public offering of 76,690,000 shares RM0.40 each. The listing is expected to raise RM30.7 million that will be used to repay borrowings and for working capital.
Set up in 1992, Carotech Bhd is the first and largest integrated plant in the world to commercially extract natural full spectrum tocotrienol complex (Tocomin), a potent form of natural Vitamin E, mixed carotene complex (Caromin), and phytosterols (Steromax) from palm fruits (Elaeis guineensis). The extraction technology is protected through a worldwide patent - US Patent No. 5,157,132 and other pending patents.
Carotech, which derives 95% of its sales from exports, is the main supplier of natural full spectrum palm tocotrienol complex to the US, while exporting to over 25 countries in Europe and Asia.
“Carotech's business is based on science. To encourage the consumption of palm tocotrienol complex, we need to back it up with our research and development (R&D) findings,” says David Ho, CEO of Carotech Bhd.
Ho attributed Carotech’s success to being innovative as well. “The pharmaceutical and dietary supplement industry requires us to be innovative and create something new for our customers,” he said. Carotech controls 80% of the global palm tocotrienol complex/palm vitamin E market share.
Carotech invests 1.6% of revenue in research and development activities. It also participates in research projects to boost the awareness of its flagship and trademarked product - TOCOMIN natural full spectrum palm tocotrienol complex.
“Carotech’s IPO comes at an excellent timing, following the successful listing of its parent company - Hovid Bhd' on Malaysian Securities Exchange Board on April 5th 2005. We take this opportunity to express our appreciation and thank all our valued customers and partners for their continuous support to Carotech. We will strive to maintain our competitive edge, leadership position and providing the best service possible to our valued customers and partners,” says WH Leong, Vice President of Carotech Inc.
www.carotech.com
