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Tuesday, April 14, 2015

IPO - BioAlpha (Strong BackUp)

Listing Date: 14 April 2015
Issue Price: rm0.20.


It has commenced on turning itself into a prominent industry player on multiple fronts, ranging from herb cultivation to securing new distribution arrangements in the Middle East.

The listing will not only help it raise funds but also affirm its reputation. Clients in potential overseas markets, such as the US, EU and the Middle East, will be assured that it adhere to health and regulatory guidelines.

The company is expected to benefit directly from the government’s plan to grow the local herbal supplement industry over the next few years from 2015.

Its directors comprises include former Proton Holdings Bhd chief Syed Zainal Abidin Syed Mohd Tahir, former MITI secretary general Tan Sri Abdul Rahman Mamat and Tan Sri Syed Jalaludin Syed Salim, who is the chairman of the Halal Industry Development Corporation.

Its two primarily backers – MTDC and PNS, which are ultimately owned by the Ministry of Finance – have no intention of disposing of their shards port listing.

MTDC is known for investing in biotechnology of life science companies. It has been in BioAlpha since 2008 as a venture capitalist. PNS invested in 2013 as a pre IPO investor and both investors have been instrumental in advising BioAlpha on technology and business development.

Since 2008, the company has been successfully in locking in long term growth initiatives that are directly backed by the federal and state governments. In 2011, a subsidiary of the company was appointed by the Ministry of Agriculture as an entry project point partner under the Economic Transformation Programme.

The primarily target of the initiatives is to strengthen the effectiveness of locally made herbal supplements with a view of turning them into prescription drugs. The pre clinical trials have been highly encouraging and that the clinical trials are set to begin in 2016.

In Johor, a JV was set up in 2011 between the company and state owned Johor Biotech & Diversity Corp for the cultivation of herbal plants on 295 acres in Desaru. Another subsidiary was appointed by the ECER Development Council for the same purposes on 123 acres in Terengannu.

It is set to benefit from new revenue drivers. The group is on track to enter the Middle East market in the 2QFY2105 via a collaboration with Fathima Group of Companies – a retail chain in the United Arab Emirates. Its health supplements have been screened by the UAE’s health regulators and awaiting final clearance.

Its other big push comes from establishing its own brands. The company is venturing into operating its own retail outlets.

Each new outlets will be borne by cooperative licenses of MyAngkasa, a subsidiary of the Nation Cooperative Organization of Malaysia. In collaboration, Bioalpha is also hoping to promote its products to MyAngkasa’s eight million members at some point in the future.

Its revenue has grown at a CAGR of 30% over the past three financial years (FY2011 to FY2013) while profit margin has averaged 33%.

It attributes healthy profit margin to it being in charge of the entire production process by virtue of being an ODM.



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