NEW JERSEY, March 30th 2005 – Hovid Bhd, the parent company of Carotech Inc, announced today the initial public offering of 24,177,000 shares and made a public issue of 12,800,000 shares at RM1.76 each.
The shares will be listed and commence trading on April 5th 2005, on the Malaysian Securities Exchange Board. Hovid Bhd's public issue of six million shares in its second board flotation has been oversubscribed 12.64 times, Malaysian Issuing House (MIH) said.
Hovid Bhd is one of the largest GMP-certified pharmaceutical companies in Malaysia with more than 300 different types of generic drugs (pharmaceutical products – antibiotics, injectables, ointments, dietary supplements and herbal preparations, etc), which are exported to over 30 countries worldwide.
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.
“We are delighted with this new development within the group and like to 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
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This press release is for informational purposes only and is not an offer to sell or a solicitation of an offer to purchase