IPOH, Dec 31 (Bernama) -- Two Ipoh-based pharmaceutical companies, HovidBhd and Carotech Bhd are expected to be listed on the Second Board ofBursa Malaysia and Mesdaq market respectively by the first quarter of nextyear.

Hovid's managing director, David Ho said that they were currently workingon the draft of prospectus before submitting it for the approval ofrelevant authorities, including the Securities Commission (SC) andMinistry of International Trade and Industry.

"If everything goes on well, we hope to get listed in January or Februaryor by the first quarter," he told reporters here.

Once listed, Hovid is set to become the new holding company for Ho Yan HorHoldings Sdn Bhd, with subsidiaries that include Hovid Pharmacy, HovidInc. (Philippines), Ho Yan Hor (Singapore), Hovid Marketing, Javid SdnBhd, Carotech and Carotech Inc (USA).

Ho said both Hovid and Carotech had received approval from SC and BursaMalaysia for the listing, making them the first companies from the samegroup seeking listing at the same time.

Hovid, which is known for its Hor Yan Hor brand of herbal tea, is one ofthe leading pharmaceutical companies in the country while Carotech is saidto be the first Malaysian firm to be able to extract mixed carotene andvitamin E from crude palm oil on a commercial basis.

Ho said both companies have a total of 900 staff and currently exporttheir products to more than 50 countries.

Ho Yan Hor Holdings has reported a jump of 183 percent in group profitafter tax for a two-year period ended June 30, 2004.

Ho said the group's turnover increased by an average of 25 percentannually over the last two years. Turnover was RM123 million for the 2004financial year compared with RM79 million for 2002, an increase of morethan 55 percent.

The company has two manufacturing plants in Ipoh, producing about 300types of pharmaceutical products ranging from antibiotics toanti-diabetes, anti hypertension and anti-malaria drugs.

Upoh listing, Hovid is expected to have value of RM180 million andCarotech RM160 million.

-- BERNAMA