Algaetech signs financing deal for Haematococcus scale-up
September 3, 2013
L-R: Engku Husain Hazmi Engku Embong, Vice President, Credit Management Division (MDV), Nizam Mohamed Nadzri, Senior Vice President, Corporate Planning & Communications & Business Division (MDV), Y.Bhg Datuk Md. Zubir Ansori Yahaya, Managing Director/Chief Executive Officer (MDV), Dato’ Paduka Syed Isa Syed Alwi, Founder & Managing Director (AISB), Chock Eng Tah, Director (AISB), Hj. Asmadi Md Said, Director (AISB), Peter Wong Chuan Keat, Director (AISB), Tengku Sharifah Sophia, Project Assistant (AISB)
n line with its vision of becoming a global player in the nutraceutical industry, Algaetech International Sdn Bhd (AISB) has been awarded a project financing facility of RM20 million (~$6 million USD) by Malaysia Debt Ventures Bhd.
Over the past six years, AISB has pursued commercialization of Haematococcus, a microalga from which the super antioxidant, Astaxanthin, is derived. This project financing agreement will facilitate the production of 42 tons/year of Haematococcus biomass.
According to the founder and Managing Director of AISB, Dato’ Paduka Syed Isa Syed Alwi, “Being awarded the facility is a major event that has placed the company on the launch pad to global markets.”
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