Asia Sejahtera Mina (AGAR) Exports Up to 22,000 Tons of Seaweed per Year

ISSUER - JAKARTA. PT Asia Sejahtera Mina Tbk has revealed its business prospects in the seaweed industry. The issuer with the stock code AGAR on the Indonesia Stock Exchange (IDX) has supplied three types of seaweed, including to the export market.

AGAR supplies Eucheuma Cotton, Echeuma Spinosium, and Gracilaria seaweeds, which are useful as materials in the pharmaceutical, cosmetic, and food industries. The majority of this seaweed is supplied to countries in Asia, Europe, and South America, including Indonesia.

The President Director of Asia Sejahtera Mina, Indra Widyadharma, revealed that to meet the demand for seaweed, especially from abroad, AGAR partners with seaweed farmers in the regions of Sulawesi, West Nusa Tenggara, and East Nusa Tenggara.

"Our partnership with seaweed farmers is very beneficial for the supply of seaweed in our B-classified warehouse, which is located in Surabaya, Maros, and Makassar," said Indra in an information disclosure on Monday (12/2).

AGAR sees the seaweed business as prospective for growth. Especially since Indonesia is currently the second-largest producer in the world after China. Indra then explained the seaweed business process of AGAR.

First, they collect seaweed from suppliers who are members of the partnered farmers. After collection, they test the water content and dirt level of the seaweed.

After the water content quality test, the seaweed is dried again by sun-drying until the water content reaches 38%. "The dried seaweed will be packaged and exported directly from the nearest port from our warehouse," said Indra.

In a year, AGAR can export up to 22,000 tons of seaweed. Indra said that in the process, AGAR has high standards and has passed tests and obtained certifications from the Ministry of Maritime Affairs & Fisheries and the Ministry of Trade of the Republic of Indonesia.

Some of these certifications include Hazard Analysis Critical Control Point (HACCP), Phytosanitary, Processing Feasibility Standard (SKP), and Warehouse Receipt System.

Just a reminder, PT Asia Sejahtera Mina Tbk was established in 2008, and in 2019 conducted an Initial Public Offering (IPO). PT Asia Sejahtera Mina Tbk was officially listed on the IDX on November 26, 2019, with the stock code AGAR.

This action made AGAR the only seaweed supplier listed on the IDX. At that time, AGAR issued 250 million new shares at an IPO price of IDR 110 per share and successfully fully subscribed, raising fresh funds of IDR 27.5 billion.

Unfortunately, until now, the price of AGAR is stuck at IDR 100 per share. The IDX gives a special notation X, so AGAR shares meet the criteria for equity securities on the special monitoring board.