PHANG NYIE LIN, Nova Wellness Group Bhd managing director

“We have already begun distributing six of our products in Indonesia, and seven in Thailand.”

KUALA LUMPUR: Pharmaceutical company Nova Wellness Group Bhd, which debuted on Bursa Malaysia’s ACE Market yesterday, plans to expand its business in Southeast Asia, particularly Indonesia and Thailand.

Managing director and chief research officer Phang Nyie Lin said the company was in talks with agents or distributors from two countries.

“We have begun distributing six of our products in Indonesia, and seven in Thailand.

“We are also starting our online business to gauge market performance in these countries before looking for a single agent to become our product distributor.

“The discussion process is expected to take two years,” he said after the listing ceremony, here, yesterday.

Nova Wellness opened at 65 sen, or an 11 sen premium above its offer price of 55 sen.

Phang said of the RM44.91 million raised from the initial public offering, 36.7 per cent would be utilised for the construction of a new production facility, and 25.8 per cent for the company’s research and development activities.

Another 11.2 per cent will be utilised for the expansion of the company’s retail market presence, 20.5 per cent for working capital and balance 5.8 per cent to finance the listing expenses.

The retail tranche of Nova Wellness’ IPO, comprising 16 million new shares applied by the Malaysian public, registered an oversubscription of 2.84 times.

Nova Wellness is a Malaysianbased company within the nutraceutical industry.

Through its wholly owned subsidiary, Nova Laboratories Sdn Bhd, it is principally involved in the development, production and sales of nutraceutical and skincare products sold locally and overseas under the company’s house brands, and original equipment manufacturers (OEM) development and production of nutraceutical products.