Algaetech Targets Astaxanthin Product Sales To Hit US$24.57 Mln

KUALA LUMPUR, Sept 9 (Bernama) -- Algaetech International Sdn Bhd targets sales of Astaxanthin-based products made from algae to reach US$24.57 million (RM100 million) within three years from 2017. Managing director Syed Isa Syed Alwi said the sales would be driven by the additional capacity from its new plant, which is capable of increasing production tenfold, as well as sales of new products. "We have spent RM37 million to develop the production of Astaxanthin, including the construction of two factories," he said after the launch of Beta Astaxanthin factory by International Trade and Industry Minister Ahmad Maslan here, Friday. Syed Isa said currently, the existing plants have the capacity to produce up to 300 kilogrammes of raw materials to make Astaxanthin per month while the new plant is capable of producing up to three tonnes of raw materials monthly. He said the new plant would match the production capacity of the world's biggest Astaxanthin plant located in Hawaii, United States. He said Algaetech planned to spend up to RM20 million in additional investment to produce value added products and is looking for partners to inject additional funds. Besides that, he said the company was awaiting the approval from the authorities to sell Astaxanthin capsules. "We expect to receive the approval in October...this will allow us to undertake wider marketing campaign, hence boosting our product sales," he said. At the launch, Algaetech also exchanged memorandum of understanding documents with Biolife Marketing Sdn Bhd and a multilevel marketing company from Indonesia, Inaunew, to supply Astaxanthin-based products. Algaetech, which operates at Technology Park Malaysia in Bukit Jalil, is a recipient of the BioNext Initiative Grant which is channelled by SME Corporation Malaysia through Malaysia Bioeconomy Development Corporation. The Bionexus status company produces Astaxanthin whose efficacy is 6,000 times higher compared with Vitamin C and contains high antioxidants. It is able to prevent cancer, provides defence to muscles and functions as an anti-ageing agent. (US$1 = RM4.06) --BERNAMA