ASTRA listed on the LEAP Market of Bursa Malaysia
Focus Malaysia 03 Dec 2019 12:54

Astramina Group Berhad (“ASTRA” or “Company”) is successfully listed on the Leading Entrepreneur Accelerator Platform (“LEAP”) Market of Bursa Malaysia Securities Berhad today and its shares officially commenced trading under the stock short name of ASTRA and stock code 03032 at 9.00 a.m. this morning.

ASTRA is an investment holding company while its subsidiaries, namely Seasoning Specialities Sdn Bhd (“SSSB”) and Astramina Sdn Bhd (“ASB”), are principally involved in the manufacturing and selling of food ingredients, and trading of food ingredients, respectively.

SSSB offers a wide range of seasoning products for various industries such as snacks, processed meats, processed seafoods and others, while ASB offers a variety of food ingredients such as flavours, spice oleoresins, and natural food colouring, among others. SSSB sells products to a diversified range of foreign markets while ASB’s customers are Malaysia-based.

DWA Advisory Sdn Bhd is the Approved Adviser and Continuing Adviser while Astramina Advisory Sdn Bhd is the Financial Adviser for this listing exercise.

Speaking after the listing ceremony, Astramina Group Berhad’s Group Managing Director Dato’ Foo Chi Ching said: “Today’s listing would enable the Company to tap into the capital market for future fundraising to pursue growth opportunities, recognition and enhance the Company’s stature. ASTRA’s profile and corporate image will also be further improved, as well as increase clients' and investors’ awareness of our Company’s presence.”

In its financial year ended 28 February 2019, ASTRA registered a net profit of RM4.0 million, on the back of RM16.2 million revenue, which represents an increase of 4.9% and 8.4%, respectively, as compared to a year ago. The 1st half of 31 August 2019, ASTRA recorded a net profit of RM2.23 million.

For its expansion plan, ASTRA intends to construct a new factory and office in Sendayan TechValley, Negeri Sembilan. “We have entered into a conditional sale and purchase agreement with the State Government of Negeri Sembilan to purchase the land for the new plant. We expect to commence the construction in the next one to three years from this listing and it will improve our manufacturing capacity and efficiency once it is ready,” Dato’ Foo added.

Moving forward, the Company intends to leverage its position as an established Halal food seasoning producer to gain access to the Middle Eastern markets (in addition to the rest of ASEAN countries), which have a great combined market potential valued at USD2 trillion. “Food seasoning products in ASEAN countries heavily depend on imports from reliable Halal certified suppliers. We are glad that our Halal certification from JAKIM is seen as a sign of trustworthiness and genuineness for the Muslim markets,” Dato’ Foo said.

According to an independent market research report by Providence Strategic Partners, the prospects of ASTRA will be supported by the growing demand from end-user markets such as processed food and beverages including ready-to-eat meals. “Convenience foods are expected to grow in popularity as individuals opt to save time during their food preparation process, and the growing popularity of convenience foods will have a positive effect on the seasonings industry”.

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