Astramina Group Bhd chairman Tan Sri Wong See Wah (third from right) and group managing director Datuk Foo Chi Ching (third from left) hit the gong, symbolic of Astramina Group Bhd’s listing on Bursa Malaysia’s LEAP market. NSTP photo byHALIMATON SAADIAH SULAIMAN

KUALA LUMPUR: Food ingredients manufaturer and distributor Astramina Group Bhd is spending RM10 million to build a new manufacturing plant in Sendayan TechValley in Negri Sembilan.

Group managing director Datuk Foo Chi Ching said the company expects to commence construction in three to five years.

He said the exercise would increase the company’s recent manufacturing capacity of 500 tonnes per annum to 1,000 tonnes per annum.

“We intend to leverage our position as an established halal food seasoning producer to gain access to the Middle Eastern markets, besides Asean, which has a great combined market potential valued at US$2 trillion.

“Food seasoning products in Asean countries heavily depend on imports from reliable halal certified suppliers,” he told reporters today, after Astramina’s debut on Bursa Malaysia’s Leading Entrepreneur Accelerator Platform (LEAP) Market.

Foo said the company was exporting to eight countries.

He said the LEAP 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.

He said the company targets to go for an initial public offering to either Bursa's ACE or the Main Market in the next three to five years.

For the year ended February 28, 2019, the company registered a net profit of RM4.0 million, on the back of RM16.2 million revenue, representing an increase of 4.9 per cent and 8.4 per cent respectively, compared to a year ago.

Astramina opened two sen higher at 25 sen from its listing reference price of 23 sen at its LEAP debut.