Agricore Cs Holdings Berhad (Malaysia)

The Company was incorporated in Malaysia under the Act on 16 May 2023 as a private limited company under the name of Agricore CS Holdings Sdn Bhd. On 11 September 2023, our Company was converted into a public limited company and adopted our present name.
The Company s principal activity is investment holding. Through our subsidiaries, the company are principally involved in the sourcing, distribution and production of food ingredients.
The company commenced our business in 2009 in the sourcing and distribution of plant-based agricultural food ingredients including starch products, beans and pulses and grain products under our house brands ‘POKOK AGRICORE ' and ‘SunRise ' as well as third party brands. In 2015, the company expanded our product offerings to include fried shallots under our third house brand ‘CAP POKOK. As we saw the growing demand for food additives amongst our customers through the distribution of modified starches, which were amongst the starch products we were selling, the company commenced our R D activities with 1 R D Executive in 2020 by developing formulations for food additives in preparation to venture into the production of food additives.
In 2021, the company expanded our R D team to 2 R D Executives. In the same year, the company successfully developed 18 food additive formulations, of which 3 food additive formulations were developed through R D activities and 15 food additive formulations were developed based on formulations that are commonly used in the industry. The company began selling these food additives under our house brand ‘BAPAS' ', which further expanded our product portfolio. In 2022, the company developed a total of 3 food additive formulations for sale. In 2023, we successfully developed 13 food additive formulations, of which 7 food additive formulations were developed through R D activities and 6 food additive formulations were developed based on formulations that are commonly used in the industry. As at LPD, the company have commercialised 37 out of our 50 food additive formulations. Out of the 37 commercialised food additive formulations, 14 were developed through R D activities and 23 were developed based on formulations that are commonly used in the industry.
On 8 August 2023, the Company entered into a conditional share sale agreement with the shareholders of ACS to acquire the entire issued share capital of ACS comprising 10,000,000 ordinary shares for a total purchase consideration of RM23,357,895. The purchase consideration for the said acquisition was satisfied via the issuance of 151,085,998 new shares in Agricore CS Holdings to the shareholders of ACS at an issue price of RM0.1546 per share and the said acquisition was completed on 7 March 2024.
Upon completion of the acquisition, ACS became a wholly-owned subsidiary of the Company. The said acquisition by Agricore CS Holdings is to facilitate the initial public offering exercise of the Company on the ACE Market of Bursa Malaysia Securities Berhad.
Subsequent to reporting period, the Company obtained approval from Bursa Malaysia Securities Berhad for the listing of and quotation for the entire enlarged issued share capital of the Company on the ACE Market of Bursa Malaysia Securities Berhad.