Mohamad Moataz Mhd Ruslan Al Khayyat (fourth left), Chairman, Baladna Company and other board members and officials during the General Assembly, yesterday.
Baladna, Qatar’s dairy production leader, which held its Constitutive General Assembly yesterday, announced its ambitious expansion plans. The company, which has already announced its plans to set up a farm in Malaysia, revealed it is keen to expand its footprints beyond, including to other Southeast Asian countries and Africa.
Speaking on the sidelines of the Company’s first General Assembly, the Board Member Ramiz Mhd Ruslan Al-Khayyat said the company is targeting a 50 percent growth in its revenue in 2020, compared to the year 2019.
“Asia and Southeast Asia are our potential markets and we are targeting them as our export markets. We have plans to set up our own farms in these markets with the approval of the Board of directors”, Ramiz said. In the later stage, Baladna will also explore opportunities in African markets, he added.
Elaborating on Baladna’s foreign interests, Ramiz said it has already teamed up with Malaysia’s government-supported company Felcra to set up its maiden dairy production business in Malaysia. The company is also looking to expand to other Southeast countries.
In Malaysia, Baladna is targeting an annual production of 55 million litres of milk per year. By collaborating with Felcra, Baldna can double Malaysia’s current fresh milk production, he said.
As part of expanding its product portfolio, Baladana will hit the market with 100 new products within a year. 50 new products will enter the market in the coming two months and other 50 products, including variety of juices and various types of cheese will be introduced in 2020.
The Baladna Board member said the company’s recently concluded IPO was a great success and was oversubscribed. “The response from the investors was really encouraging. We have more than 58,000 Qatari investors and everything went great. We will be listing on QSE on December 11, 2019,” he said.
The General Assembly approved the company’s entire eight-point agenda, including the appointment of the First Board Members and Board Advisor. The General Assembly authorized the Board of Directors to formulate a policy to repurchase the company’s shares when necessary and in accordance with the rules set by the Qatar Financial Markets Authority and take the necessary measures in this regard.
