Press Release

MALAYSIAN seedling supplier TG Agrosolutions has listed on the Newcastle-based National Stock Exchange, clocking up the fifth new listing on the bourse since December.

In addition to TG Agrosolutions, another six companies are in the process of formally applying to join the exchange. NSX chief executive Emlyn Scott said the company had been listing one to two companies a month since last July. “We have created a service that resonates with foreign companies, particularly in the Asian region ... Australia has that service they like,” he said. “With the Australian dollar falling it becomes cheaper for international companies to list here.” TG Agrosolutions chief executive Yap Foot Loy said the decision to list on the NSX represented a new era of growth opportunities for the company. “Having forged a reputation for success in Malaysia, the company is now expanding its search for capital on the international marketplace,” he said. “The move to list on the NSX provides TG Agrosolutions with a unique opportunity to further expand the company’s operations.” On listing, the company had 252 million shares at an issue price of 35c a share, giving the company a market capitalisation of about $88.2 million. The company promotes itself as providing a one-stop solution for the production of multiple species of rubber and oil palm plantations. Mr Yap said that with the completion of a successful float, the company would be open for ­investment. “Management is steadfast in its belief that funds accessed through the NSX will be vital in the pursuit of two strategic goals,” he said. “Firstly, the company is aiming to increase its market share in the seedling business. Our second aim is to expand our suite of logistic and plantation services.” The NSX announced this month it had signed a strategic agreement with the Shanghai ­Equity Exchange, China’s largest over-the-counter equity market. Mr Scott said the agreement was a commitment to streamline the listing process for rapidly growing SEE companies on to the NSX so they could readily access international markets. “The move paves the way for companies such as TG Agrosolutions to gain greater access to ­investors in both Australia and China,” Mr Scott said. Mr Yap added that the strategic agreement with the SEE meant the NSX listing would provide TG Agrosolutions a solid foundation to build an international reputation for quality.