Managing director of Bioalpha Holdings Bhd announced that the health supplements company will be soon entering the Middle East market by mid-2015.
Bioalpha was listed for the first time on the Ace market of Bursa Malaysia on Tuesday. Hon Tian Kok, the managing director, announced after the company started trading that Bioalpha had signed a memorandum of understanding last year with the Fatima Group of the United Arab Emirates. The Fatima Group has more than 20 hypermarkets all over the UAE. With this much penetration they will be able to act as the distributor for Bioalpha’s products all over the country.
“We are now in the midst of registering our herbal products with the relevant department in Dubai and once approved, exports to the UAE will begin. Since Malaysia is seen as the global halal hub, we feel it is right for us to exploit this position and are currently working hand-in-hand with the government,” Hon said.
Bioalpha’s IPO offered 100 million new ordinary shares to the public at an issue price of 20 sen per share. The company’s market capitalization is estimated to be about RM 9.7 million.
The company manufactures health supplement products including processed herbs, functional foods, formulated ingredients, herbal and non-herbal supplements.