Pt Resources Holdings Berhad (Malaysia)

The Company history can be traced back to 16 February 2012 when our founder and Managing Director, Heng Chang Hooi incorporated MO. MO was incorporated in anticipation of the business growth of MO Frozen Food, a sole proprietorship established in 2010 by Heng Chang Hooi to trade seafood and other products in Kuantan, Pahang and as part of Heng Chang Hooi’s plan to corporatize “MO Frozen Foodâ€â€™s business. MO commenced operations upon its incorporation when it began to operate its first outlet under the “MO FoodmartTM†trade name in Kuantan, Pahang. This outlet was previously operated under the “MO Frozen Food†trade name through MO Frozen Food.
In an effort to secure a consistent supply of frozen seafood products and to have control over the quality of the frozen seafood products sold, MHC was incorporated on 16 July 2012 to undertake processing of frozen seafood products. We set up a processing facility with a built-up area of approximately 12,600 sqf in LKIM Complex, Kuantan, Pahang in the same year to undertake the cleaning and cutting of seafood as well as freezing of seafood using semi-contact blast freezers. In addition to the sales of chilled and frozen seafood products at our outlet, we were able to sell our products to wholesalers, food manufacturers and retailers by leveraging on our Group’s business network.
In 2014, the Company expanded our business to Kemaman, Terengganu with the establishment of our first “MO FoodmartTM†outlet in the state. This outlet is located near to the Kemaman port, allowing us to tap into demand from crew members of vessels docking at the Kemaman port as well as other end-customers in that area. In view of the growing demand from our customers in Terengganu and Pahang, we have set up an additional “MO FoodmartTM†outlet in Kemaman, Terengganu in 2015 and an additional “MO FoodmartTM†outlet in Pekan, Pahang in 2016.
In March 2016, the Company entered into the ECERDC Commercial Agreement which granted us the rights to commercially invest in, operate and manage the KIFPP Processing Facility. The KIFPP Processing Facility is owned by the LKIM and constructed by the ECERDC. Pursuant to the ECERDC Commercial Agreement, we entered into the LKIM Lease Agreement for a lease of the KIFPP Processing Facility. At the same time, we also obtained income tax exemption for a period of 10 years commencing from the year of assessment 2018 up to the year of assessment 2027 from the Malaysian Investment Development Authority as approved under the Income Tax (Exemption) (No. 6) 2016/P.U.(A) 159/2016, Income Tax Act 1967.
The Company renovated and set up the KIFPP Processing Facility, which has a larger built-up area of approximately 25,952 sqf, and relocated our processing activities to the KIFPP Processing Facility in April 2018. After the relocation, we continued the lease of the facility in LKIM Complex, Kuantan, Pahang for use as our cold room facility for frozen meat products until the termination of the lease in June 2020. With the larger built-up area of the KIFPP Processing Facility, we were able to equip the KIFPP Processing Facility with additional machinery and equipment such as the IQF freezer, defrosting machine, vacuum and skin packaging machines as well as a larger cold room. This has allowed us to process a wider range of frozen seafood products and in a more efficient manner. Our larger cold room also allow us to store more frozen seafood products and better maintain the freshness and quality of our products.
In 2018, the Company obtained independent certifications for food quality and safety standard compliance, such as the ISO 22000:2005, HACCP, GMP and MESTI Secure Food Certification Scheme for the KIFPP Processing Facility. Our ability to obtain these certifications highlights our Group’s capabilities to meet local and international standards and regulations. In the same year, we also opened a “MO FoodmartTM†outlet in Paka, Terengganu.
In 2019, the KIFPP Processing Facility was also ‘Halal’ certified by JAKIM, thus providing assurance that our frozen seafood products are processed in a ‘Halal’ manner. These certifications are beneficial to our Group as they allow us to expand and penetrate international markets in the Asia Pacific and the Middle East.
In January 2020, the Company opened our first “MO Wholesale Centre†outlet in Kuantan, Pahang, a larger grocery outlet which carries our frozen seafood products in all kinds of packaging and a wider range of other products. “MO Wholesale Centre†outlet is also our Group’s distribution centre where all other products which are externally sourced (i.e. products not processed in our KIFPP Processing Facility) are inspected, sorted and prepared before they are distributed to our “MO FoodmartTM†outlets.
In March 2020, we set up our head office in UOA Business Park, Selangor to support customers’ orders in the central region as well as additional support for our Group’s procurement, finance and administrative functions.
We launched our online marketplace, “MO SignatureTM†in June 2020. “MO Signature⠢†serves as an additional sales channel for our frozen seafood and other products which allows us to reach out directly to end-customers in the Central and East Coast regions of Peninsular Malaysia. The implementation of the MCO has resulted in a shift towards purchasing goods, including frozen seafood products, through online marketplaces, which is evidenced by the surge in online sales by 28.9% in April 2020 (Source: IMR Report).
In April 2021, the Company were registered with the CAIQ, a national public institute in China which is responsible for the consultation, training, testing and inspection, filing and traceability of products exported into the country. Our CAIQ registration enhances the credibility of our frozen seafood products and thereby our reputation in China.
Over the years, we have successfully grown and evolved into one of the established frozen seafood processor, wholesaler and trader in Malaysia, with the KIFPP Processing Facility, 6 “MO Foodmart⠢†outlets, 1 “MO Wholesale Centre†outlet and our “MO SignatureTM†online marketplace.
The Company was incorporated in Malaysia under the Act on 6 September 2019 as a private limited company under the name of PT Resources Holdings Sdn Bhd and was subsequently converted to a public limited company on 21 September 2020.
The Company's principal activity are processing and trading of frozen seafood products as well as trading of other products.
The global and domestic economies encountered unprecedented challenges during the financial year ended 30 April 2022 as a result of the continuing Covid-19 pandemic. The Malaysian governmentimplemented several counter-measures by imposing strict lockdowns, movement restrictions and closing borders to curb the Covid-19 outbreak in Malaysia. Despite the challenges, the Group was not affected by the Covid-19 pandemic for the financial year ended 30 April 2022.
Given the fluidity of the situation, the Group will continuously monitor the impact of Covid-19 and take appropriate and timely measures to minimise the impact of the outbreak on the Group’s operation for the financial year ending 30 April 2023.
The Group’s borrowing facilities are also secured by the guarantee from a Director of the Group, an individual connected to a Director of the Group, as well as corporate guarantee by the Company and companies in which a Director has interest (“collectively known as existing guaranteesâ€). As part of the proposed initial public offering, the Group has written to the respective financiers to seek for their consent to discharge the existing guarantees and to substitute these guarantees to the Company.