New Venture Proposal of Fasi Ventures Sdn Bhd FESTUS AGBARA

8/14/2019 New Venture Proposal of Fasi Ventures Sdn Bhd FESTUS AGBARA

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EW VENTURE CREATION: BUSINESS PLAN FOR GARI PRODUCTIONGBARA FESTUS CHIBUISI

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EXECUTIVE SUMMARY

Gari (FASI VENTURES) has been a successful product brand in Nigeria for eleven

years. The company's product has grown in sales by 15% each year, for the past three

years, and is now available in over five countries of West Africa. Nigeria FASI will make

over $500,000 in sales this year. This was generated from an initial investment of

$100,000.

FASI is planning to expand its operation to include distribution to stores within Asian

continent. Owner funding and internally generated cash flow will enable most of the

expansion plan. The company will also secure a $100,000 short-term loan. Sales

projections for the next three years are based on current sales success with the target

customer base. Initial contacts have been made with retail outlets throughout the state

and the potential target markets have been identified.

This plan will result in sales revenues growing to $2 million by the end of Year 3.

MISSION

Our mission is integrated into the following:

Quality: Our Gari products are the highest quality, most nutritious food

products...because we will accept nothing less.

Innovative: Our products have always been in the forefront of the health and

nutrition brandish. Innovative products, state of the art manufacturing, quality

assurance and industry expertise are the bases for our past and future successes.

Integrity: Our customers depend on the quality of our Gari. Our commitment to

the highest standard is the foundation of our customers trust. Delivering crisply

made Gari to consumers depends on extensive cooperation and mutual reliance

between supplier and retailer. We stand behind our products, our service and our

word.




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OBJECTIVES

The objective of fasi is as follows:

Create a regional sales staff.

Establish strong sales in the company’s five West African countries areas in Year

Maintain tight control of cost and operation during expansion.

Maintain positive, strong growth every month.

Achieve a steady increase in International market expansion throughout Asia.

Make our product readily available for our customers at affordable price.

Increase in Profit margin by 1.5% through efficiency and economy-of-scale gains

Double-triple digit growth rate for the first three years




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Description of Business concept

FASI venture is a food production company, integrated as a joint venture (JV), with a

local company, Manja Enterprises. Our operation is basically a business-to-business

(B2B) venture. Our principal office is located in Kuching, Sarawak. FASI is offering

products from cassava base. The company also plans to establish a focus on

production/manufacturing but latter will involve in the distribution of the product to

wholesalers and directly to the retailers. We will control prices, and monitor the quality

of work. The Business concept behind FASI involves an Internet retail shop with

products cost considerably less than the prices of its competitors, yet superior quality.

The online retail shop will offer customers a one-stop shop for addressing their food

needs. We will also adopt business to business and business to customer model and trade

council. Gari is a popular food in Africa derived from the fermentation of the mash

obtained from the enlarged root of the cassava plant, Mani hot esculenta Crantz.

THE TEAM

Our management consists of the CEO, Festus C. Agbara, Arthur Dokubo director

operations, Stephen Endwell director marketing and Innocent Owaka director finance.

Additional management personnel, such as a marketing manager and production

managers, will be hired as growth dictates. Mr. Francis Gan will be the managing director

(MD) who will oversee the corporate functions. The company is built on the of the top

managements’ experiences who has been in this industry for over 11years. The CEO’s

five years knowledge of pharmaceutical production will contribute immensely to the

success of this venture. His extensive research on this venture taking in detail the

business analysis of the Asian environment to analyses the future life of venturing into

this business, and unique administrative skills. Obviously the result is worth taking the

steps for greater achievement.

SUSTAINABILITY

For sustainability, FASI believes that their competence, integrated with lower overhead

costs due to the raw material availability, will allow the company to be more cost




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effective than the companies importing from Africa or the alternatives products.

Furthermore, the cost of product will greatly reduce.

The company’s management philosophy will be based on task and joint force. FASI will

maintain an environment and structure that will encourage productivity and respect for

customers and fellow employees.

PRODUCT OFFERINGS

(GARI, Tapioca snack, cassava chips or even fufu).

Cassava fer ment ed

pr oduct s

Gari is made from fresh cassava, which is ground into pastry and the excess liquid

is then squeezed out. To make Gari, cassava tubers are peeled, washed and grated

or crushed to produce a mash. The mash is placed in a non-water proof bag and

allowed to ferment for one or two days. It is then sieved (or sifted) and fried by

heating under low temperature. The resulting dry granular is called Gari can be

stored for long periods over six months without decay.

long and tapered -firm homogeneous flesh-brown skin (like potato )

The flesh can be chalk-white or yellowish.

Commercial varieties 5 to 10 cm in dia and 50 to 80 cm long.

http://en.wikipedia.org/wiki/Fermentation_(food)

http://en.wikipedia.org/wiki/Sieve






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Cassava roots are very rich in starch, and contain significant amounts of calcium

(50 mg/100g), phosphorus (40 mg/100g) and vitamin C (25 mg/100g).

PREPARATION PROCEDURES

Gari is a fermented, gelled and dehydrated food produced from fresh cassava. It is a

popular diet in Nigeria, Benin, Togo, Ghana and in other West Africa's countries. The

consumption area even expands to Central Africa: Gabon, Cameroon, Congo Brazzaville

and Angola. (Issue 61 deals with the African market and international market of

Gari.) (Dr. B.M. Quenum, 2004)

Gari is a granulated, white or yellowish product - depending on production methods. It

has 10 to 15% moisture content that permits a long conservation (up to one year) period

in normal atmospheric conditions.

As exposed in previous deliveries, fresh cassava contains cyanhydric acid (HCN) that

should be eliminated from any product originating from cassava to render it fit for human

consumption. Depending on the production method (particularly traditional methods)

Gari could contains up to 20 mg / kg of HCN - against 43 mg / kg for fresh peeled

cassava. However, after one month of storage there is an only trace (2 mg / kg) of HCN.

( Dr. B.M. Quenum, 2004)

Caution: One should remark that a Gari sample that contains 30 mg / kg of HCN is

not proper for human consumption.

GARI:

It can be eaten as a snack with cold water on a very hot day, or cooked in hot

water to make a dough-like meal called Eba or Gari with delicious African

vegetable soups. It is a popular Ghanaian, Sierra Leonean and Nigerian food base.

Cassava is fermented to remove cyanide and produce flavors.

http://businessafrica.net/africabiz/ezine/choose.php

http://businessafrica.net/africabiz/arcvol1/is61front.php#roots

http://businessafrica.net/africabiz/ezine/choose.php

http://businessafrica.net/africabiz/arcvol1/is61front.php#roots




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roasted to destroy enzymes and microorganisms, to drive off cyanide gas, and to

dry the product.

Uncontrolled Fermentation - incomplete detoxification and a bland product.

Too long a period - strong sour taste.

Both over- and under fermentation - affect the texture of the final gari

The granules must be roasted to about 80 ºC/175 ºF to achieve partial

gelatinization of the starch.

The product is hygroscopic (it absorbs moisture from the air) and should be

packed in airtight and moisture-proof bags, especially in areas of high humidity,

to prevent mold growth.

Production of Gari a staple cassava-based food that feeds much of southern Nigeria

on a farm in the Cross River state in southeastern Nigeria




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peeling Washing

Grating

• Motorisedgrater

Fermentation

• Baskets-roomtemp – 5 days

Pressing

• Hydralicjerkpress

Frying

• Cast iron pan (20-30 mins)

Cooling Sieving

Packing

• Polyethenebags,cool and dry place

CONSUMPTION

The resultant product is crisp and crunchy to taste, and is stored easily and can

be eaten with stew or soup or Shinto and fish.

It can be soaked with water milk and sugar. Gari has a high swelling

capacity and can absorb up to 4 times its volume in water. It is a popular

diet eaten in may flavors.

It can also be converted into a breakfast cereal by adding powdered milk,

chunks of coconut, groundnuts and cashew nuts. A truly versatile food and

affordable too.

DEMAND

Gari is very popular among West Africans; the demand for this food both within and

outside the African region is soaring. It’s a food many eat almost every day. The

interaction with the African community President- Sarawak sort to see how this product

can be in steady supply here in Sarawak. The president has approved that the Independent




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celebration coming this October 1st 2009 will be the avenue to let all Nigerians in

Sarawak know the place to get Gari at low price while in Malaysia, and that assignment

was given to me the welfare coordinator for African community here in Sarawak.

Although many produce and sell it in large quantities in Africa, the possibilities of

growing it in Asia have been ignored.

PRODUCT QUALITY

Gari is rich in dietary fiber and complex starch; it is source of low GI carbohydrate that

ensures slow release of energy over a long period of time.

Gari is creamy-white granular flour with slightly fermented flour and a slightly sour taste

made from fermented, gelatinized fresh cassava tubers.

Gari is widely known and consumed in Nigeria and West African countries. It iscommonly consumed either by being soaked in cold water with sugar, coconut, roasted

groundnuts, dry fish, or boiled cowpea. It has a shelf-life of six months or more.

TARGET MARKETS

Africans

Cereal lovers (which could be from any race)

In Sarawak where there are over 3000 of Africans comprising of students of INTI,

Swinburne, limkokwin etc and other workers and business men in Miri, Bintulu, Penang

and many others within Sarawak. This consumer relies on African importers who send it

and sell it at a high price. E.g. African Heritage and few firms in Kuala Lumpur.

Currently there is no Gari manufacturing company in South-Asian region this provides

FASI Ventures the opportunity to produce here in Sarawak, Malaysia.

AVAILABILITY OF RAW MATERIALS

This region has everything in place for the successful production, marketing and

distribution of this food staple. Through dedication, passion and committed directors

with quality managerial skills and experience in this industry, FASI is will be able to




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execute this exciting opportunity to meet the needs of Africans in this region by

providing their favorite food even at their doorstep.

DISTRIBUTION

FASI will sell this product through supermarkets. By the end of the year it would sell

and distribute through its website. This will enable the company to have higher margins,

maintain a close relationship with customers and penetrate other regions outside

Malaysia. It will also sell through other retailers.

VALUE PROPOSITION

The customer will enjoy low cost such that the mount for a 1kg can get him 10kg

of a better quality.

We will add the product description on the packages.

With our enterprise resource planning system the customer can place order and

have it at the time he needs it. The customer can if place order ahead of time.

For customers that may want higher concentrated product can get it on demand

THE COMPETITIVE PRODUCT

For now FASI does not really have competitors as such but it has indirect competitors

producing similar product which is the wheat flour (Tanpung gandum).It is being used in

Malaysia as a substitute for Eba. African heritage is in this line of product but not

producing after the launch of our company (Gari) they will be one of our business

customers.

The difference we make is that we produce here in Sarawak as the raw material is

readily available. The cost of importation from Africa will be eliminated and thiswill allow us have reasonable margin to be able to offer a low price to our

potential customers.

The compelling reasons why customers need the product from us is that we have

we save them over 60% cost and it is available at any time they want it and for

any quantity.




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Gari releases energy slowly to the body because of the processes taken in

production and very rich in dietary fiber, meaning that the hunger sustainability is

high.

REVENUE MODEL

FASI will work on generating revenues through

business to business (b2b)

business to consumer (b2c)

trade union models

The major reason why we will use the trade union for even our packaging is for the

fact that the Directors are not locals there is every tendency that the product will

suffer rejection. So we will just concentrate on perfecting our production and let the

problem of the distribution and marketing be laid off for a commission to the trade

union.

SITUATIONAL ANALYSIS

Although FASI is entering its first year of operation, the product it is launching is not

‘new’ to its target market. It is a product that will be well received with excitement-

It is like something people have been waiting for. But marketing will be vital to

create awareness and for brand development, as well as building customer base.

MARKET ANALYSIS SUMMARY

FASI Ventures sells to the following

Small neighborhood natural food stores;

Large upscale natural food stores;

Supermarkets with natural food sections.

hypermarkets




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The largest market is clearly the supermarkets that have the greater number of

customers. Neighborhood supermarkets represent over 550% of the targeted end users

that FASI is focused on. The demographics of FASI end users are families and single

people who are seeking healthy foods that are low in fat. The purchasers are most likely

women who share these common characteristics:

Single professional woman, ages 25 - 45;

Married professional women with families, ages 25 - 45;

Average household income of $60,000+ a year;

Woman and families involved in athletic activity (energy consuming exercises).

4.1Market Segmentation

FASI Ventures has identified seven metro locations within the region where we can reach

our target customers:

Boulevard;

Spring;

Sarawak plaza;

Tun Jugan Mall;

Miri;

Kuala Lumpur;

Choice Premiers and seven eleven (7/11).

MARKETING ANALYSIS

A B C

Potential Customers Growth $ $ $

Boulevard 10% 360,000 396,000 435,600

Spring 10% 275,000 302,500 332,750




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Sarawak plaza 10% 485,000 533,500 586,850

Tun Jugan Mall 10% 775,000 853,500 937,750

Miri 10% 662,000 728,200 801,020

Kuala Lumpur 10% 690,000 759,000 834,900

Choice Premier 10% 948,000 1,042,800 1, 147, 08

Total 10% 4,195,000 4,614,500 5, 075, 95

4.1 MARKET DEMOGRAPHICS

The profile for the typical FASI customer consists of the following geographic,

demographic and behavior factors:

Geographic: Target geographic area is the Asian continent. With the use of internet and

other delivery services we can reach as much as 4 million Africans both in Asia and other

parts of the world. We can also reach millions of Asians, and the western world

presenting Gari as a cereal.

Demographics

Gari is both enjoyed by both male and female alike

-People of all ages enjoy Gari; it has no age limitation (apart from infants).

4.2 BEHAVIOUR FACTORS Customers enjoy the eating Eba with different kinds of soup.

Customers enjoy eating Gari as a cereal with sugar/honey, powdered milk, peanut,

chunks of coconut or cashew nuts.

Customers could be non-African but love African food, culture, and music.




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4.3 MARKET NEEDS

There are about 7 million Africans living in Asia (About 3 million in China). This is seen

as a great opportunity-FASI is providing Gari (both white and yellow Gari) in different

size/packages to reach different customers (business and consumers) and meet their

needs.

4.3.1 MARKETING TRENDS

FASI stands at a very great advantage in producing Gari, an African staple food in a

Sarawak and at the same time market it both in the country and beyond. FASI

distinguishes itself from other importers who have to get the product from Africa and

market in Asia, which has made the food more expensive in Sarawak. FASI can sell it

less than others. With the influx of Africans to Sarawak on the rise, there will be an

increase in demand for Gari like never before. And apart from the general methods of

eating Gari as Eba or cereal, Nigerians in Diaspora are discovering new ways of eating

Gari; some are making deserts out of it.

4.3.2 MARKET GROWTH

In Sarawak with the increase in the number of Africans entering the state and increased

relationship between the locals and the immigrants and the south-Eastern Asia region

there’s been a tremendous growth in the food industry, because by scale of preference no

choice can be made to neglect food, irrespective of the economic challenges in the world.

This provides FASI a great opportunity to thrive and expand.

4.4 SWOT ANALYSIS

The following SWOT Analysis captures the key strengths and weaknesses within the

company and describes the opportunities and threats facing FASI.

Strengths

Capability and

In-depth knowledge of the product processing procedures by the

directors.

Weakness




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The challenge of creating brand awareness as a starting company

Reliance on outside capital necessary to grow the business.

Opportunities

Influx of Africans to Asia, Europe.

Good and conducive business environment with everything necessary

for production

Cheap labour

Threats

Future and potential competition from an already established market

participant.

4.5 KEY TO SUCCESS

The main key is to make the product available. Our ability to be consistent, efficient,

flexible and innovative in the business meeting customers demand will make FASI a

sustainable/profitable company both on the short/long run.

4.5.1 Critical Issues

FASI is a start-up business so it is still in the early stages. The critical issues for FASI

include:

Establish it as the no.1 Gari/cassava-related product producer.

Ensure that growth is embraced and maintained. Also that revenue

exceeds expenses

Adequate monitoring of customer satisfaction

5.0 MARKETING STRATEGY

The key to the marketing strategy is focusing on the target market-the Africans, cereal

lovers and food adventurers. As the business progresses FASI is covering the entire Asian




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continent starting from Malaysia, It will also cover a large percentage of American and

European market due to price advantages.

5.1 POSITIONING

FASI will position itself as cost leaders in Gari producing company in Sarawak,

Malaysia. This will be on the premise of making all having access to healthy food.

5.2 STRATEGIES

Single objective is to position FASI as the premier Gari producer, serving the domestic

and the International market. The marketing strategy will seek:

First, to create customer awareness concerning the products. The message that

FASI will communicate is quality products, available and affordable.

These messages will be passed in different ways:

Through FASI websites

Trusted and recognised distributors

STRATEGY AND IMPLEMENTATION SUMMARY

The strategy of FASI Ventures is to focus on our niche market which is health/natural

food production that serves the entire family at low price.

COMPETITIVE EDGE

The competitive advantage of FASI Ventures is the following:

Cassava-based foods have become popular within families: Many nutritionists

encourage people to decrease their meat intake, and to eat more foods that are rich

in fiber, vitamins, antioxidants, and plant proteins. A meatless protein source is an

easy way to do this, and FASI Venture fits the needs absolutely.

Cassava-based foods improve your health: Gari foods reduce symptoms of

menopause--hot flashes and night sweats. Women who regularly eat foods have

lower rates of breast cancer. Gari may lower blood cholesterol and blood pressure.




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FASI Venture products are popular with consumers who are new to cassava: The

grains are crispy and mild in flavor, yet rich, creamy, and filling.

MARKETING STRATEGY

FASI Ventures will introduce its products at 20% off the wholesale price during the first

month to promote supermarkets and stores to buy the product. In addition, they will co-

sponsor local athletic charitable events for sponsoring less privileged children to school

to raise the visibility of the brand name. FASI Ventures will use in-store samples booths

to promote the product.

SALES STRATEGY

The sales strategy is to build customer loyalty in the new markets. we will increase its

sales force to focus on the new markets. FASI Ventures will hire three new sales

associates to serve these new markets.

SALES FORECAST

The following table and charts show the rapid ramp-up of sales during the first twelve

months of operation.




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SALES FORECAST

Sales A B C

$ $ $

Supermarkets 660,000 720,000 800.000

Large upscale food stores 250,000 300,000 350,000

Small natural food stores 100,000 140,000 180,000

Total 1,010,000 1,160,000 1,330,000

Direct cost of sales A B C

$ $ $

Supermarkets 151,000 168,000 181,000

Large upscale food stores 59,900 69,000 79,000

Small natural food stores 20,000 28,000 36,000

Subtotal direct cost of sales 230,900 265,000 296,000

MARKETING MIX




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FASI’s marketing is comprised of the following approaches to product, pricing, place,

promotion, people, Process and physical evidence

THE 7 P's of FASI Ventures (Gari)

PRODUCT:

FASI’s product portfolio primarily comprises of bread, cakes, chips and Gari. The Gari is

the only product that serves as food others are like snacks, to the customers. Gari is made

from fresh cassava, which is ground into pastry and the excess liquid is then squeezed

out. To make Gari, cassava tubers are peeled, washed and grated or crushed to produce a

mash. The mash is placed in a non-water proof bag and allowed to ferment for one or two

days. It is then sieved (or sifted) and fried by heating under low temperature. The

resulting dry granular is called Gari can be stored for long periods over six months

without decay.

PRICE:

Gari are priced between RM10 and RM20. The low price strategy is adopted to

encourage the new trial of the product. At least they can afford to spend this offering

price for trial incase they do not like it they would not have much to loose but the reverse

has been the case. Thos who tried it never stopped buying giving us increased number of

customers daily.

PROMOTION:

FASI the quality focus is on targeting families. In cereals which are targeting all people

lovers of “gula gula” Apart from this, various schemes for winning prices by way of

lucky draws and also scratch cards are given when an order is placed on the various sizes.

In fact, the various quantity and consistently also signal to the customer that buying

separate items results in greater value for money for the customer.

PLACE:

although FASI outlets are very scantily spread within kuching Sarawak region. FASI

offers home delivery to increase their coverage and raise convenience for the customers

PEOPLE:

The employees in FASI Ventures have a standard uniform and they specially focuses on

friendly and prompt service to its customers from their employees.








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PROCESS:

The food manufacturing process at FASI is completely transparent i.e. the whole process

is visible to the customers. In fact, the factory allows its customers to view and judge the

hygienic standards at FASI by allowing them to enter the area where the process takes

place. The customers are invited to check the ingredients used in food.

PHYSICAL EVIDENCE:

FASI focuses on clean and hygienic facilities of its outlets and at the same time the

workers are attractive and the factory maintains a proper standard of ethical and hygienic

service and business environment. The most of all they are eco-friendly




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MARKETING RESEARCH

FASI is blessed to be located in Kuching city; Sarawak where all the resources required

in producing the Gari food is available. This gives the company an advantage it also

provides the opportunity to ‘test’ the product among the African community in Sarawak.

3 Financials

The intended capital investment will be RM100, 000




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MANAGEMENT SUMMARY

Festus Agbara currently manages the daily operation of FASI Ventures. Festus is

responsible for production and distribution. Festus has eleven years of experience

in food production. He is an excellent manager. His operation is extremely

efficient and employee turnover is less than 15% over the past 2 years. Expanding

the business into international market festus found a market opportunity in

Sarawak where he went for his business survey and focused on producing his Gari

products there after three months of importing from his home factory in Nigeria

after the comparative analysis on the business. It showed that it was more business

profiting to set-up production here. He runs the business with the same focus on

employees as the foundation of her product's success.

6.1 Personnel Plan: The personnel plan for FASI Venture is as follows:

Operations manager

Sales manager

Production staff (5)

Distribution staff (4) and Sales staff (4 with 3 new hires).

A B C

Festus $36,000 $40,000 $42,000

Sales manager $36,000 $40,000 $44,000

Production staff $120,000 $130,000 $140,000

Distribution staff $120,000 $130,000 $140,000

Sales staff $140,000 $150,000 $160,000

Total people 15 15 15




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Total payroll $456,000 $490,000 $526,000

EXPENSE FORECAST

Expenses / Capital

1. Advertisement

1.1 Newspaper

1.2 Web site

1.3 Sign Board

1.4 Media Electronic

2.0 Accounting Fee

2.1 Management Account

2.2 Audit

2. Bank Charges

3.1 Service Charge

3. Depreciation

4.1 Machine & Equipment

4. Gift & Donation

5.1 Welfare

5. Entertainment & refreshment

6. Tender Fees

7. Compound & Penalty

8. Fuel & Oil

9. Hire Purchase Interest

10.1 Machine & Equipment

10.2 Raw Material

10.3 Furniture

10. Medical expenses

11.1 Labourers

11. Uniform

12.1 Apron

12.2 T-shirt




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12.3 Cap

12.4 Shoes

12.5 Mask

12. Repair & Maintenance – Motor Vehicle

13. Repair & Maintenance – Warehouse

14. Repair & Maintenance –Machine & Equipment

15. Road tax & Insurance

16.1 Motor Vehicle

16. Printing & stationeries

17. Rental – office & warehouse ( 1 Year )

18.1 6 month deposit

18. EPF

19.1 Address FASI VENTURE SDN BHD

19. SOSCO

20.1 Address FASI VENTURE SDN BHD

20. Legal & Professional fee

21.1 Born by FASI VENTURE SDN BHD

21. Insurance

22. Telephone

23. Training fee

24. Trade License

25. Water

26.1 Monthly RM 30.00 (MANJA ENTERPRISE)

26. Electricity

27.1 Monthly RM 150.00 (MANJA ENTERPRISE)

27. Travelling expenses

28. Allowance

29. Proprietor’s remuneration

30. Wages & salaries

31.1 Lorry Driver ( 2 person – RM 1,200.00)

31.2 Cutting raw Material ( 3 persons – RM 900.00 ) – Base on Volume




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31.3 Machine Controller ( 2 persons – RM 900.00 )

31.4 Frying Controller ( 2 persons – RM 900.00 )

31.5 Packaging ( 2 persons RM 900.00 )

31.6 Administration ( 3 person – RM 1,000.00 )

31.7 Supervisor ( 1 person – RM 1,500.00 )

31. Registration fee

32. Transportation

33.1 Farm / Factory

33.2 Factory / Port

33.3 Factory / Vendor

33. Labeling

34.1 Logo FASI VENTURE SDN BHD

34.2 Logo HALAL / SIRIM / MARDI / BARCODE

34.3 Imported by FASI VENTURE SDN BHD

34.4 Layout Label

34. Packaging

35.1 Machine by FASI VENTURE SDN BHD

35.2 Sealer Machine

35.3 Plastic

35.4 Scale

35. Renovation ( outside compound )

36.1 Extension Awning / Roofing

36.2 Internal- Store

36. Import Export

37.1 License

37.2 Malaysian Custom




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6.0 CONTROL

The internal auditing will be done after every three months, then at the end of the year we

employ the services of the external audit. Despite that we get their regular advice due to

the retainnership agreement which costs us RM150 monthly different from the fees paid

on any job executed by the auditing firm.




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Conclusion

The success of this venture will depend on a significant number of patronage buying

power and customers knowing about, and regularly using, the product. Marketing using

internet and product awareness campaign at an early stage of development.

Many customers will be addressing issues such as quality, reliability, billing, delivery,

and customer service for the first time in a self-service, Internet-based market creation

and ordering environment.

Educating potential customers is a complex exercise, time consuming and expensive

process. In many cases, organizations must change established business practices and

conduct business in new ways to use the services.




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References

Hindle, K. & O’Connor, A.2005, Westpac GEM Australia: a Study of Australia

Entrepreneurship in 2004, Australia Graduate School of Entrepreneurship Research Report Series, Vol. 2, No. 1, Swinburne University of Technology,

Melbourne

Jeffrys, A. Timmons, & Stephen, S 2007 New Venture Creation:

Entrepreneurship for the 21 st Century 7th edn

Kuratko,D.F &Hodgetts,R.M. 2007, Entrepreneurship:Theory,Process,Practice,

7th edn, Thomson South Western, Ohio,U.S.A

Sahlman, W.A. 1997, How to write a great business plan, Harvard Business,

Review, July-August, pp 98-108.

( Dr. B.M. Quenum, 2004) http://africabiz.org

http://africabiz.org/

http://africabiz.org/




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Appendix

Sales Forecast

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Sales

S uper market s 0% $40,000 $40 ,000 $45 ,000 $45 ,000 $50 ,000 $60 ,000 $60 ,000 $60 ,000 $65 ,000 $65 ,000 $65 ,000 $65 ,000

Large Upscale Natural Food

Stores0% $15,000 $15,000 $20,000 $20,000 $20,000 $20,000 $20,000 $20,000 $25,000 $25,000 $25,000 $25,000

Small Natural Food Stores 0% $5,000 $5,000 $5,000 $5,000 $10,000 $10,000 $10,000 $10,000 $10,000 $10,000 $10,000 $10,000

Other 0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

To tal Sales $60, 00 0 $60,000 $ 70,00 0 $70 ,0 00 $ 80, 00 0 $90,000 $ 90,00 0 $90 ,0 00 $ 100 ,0 00 $ 100, 00 0 $1 00,0 00 $10 0,00 0

Direct Cost of Sales Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Sup ermark et s $8,500 $ 8,500 $1 0,00 0 $10 ,0 00 $12, 00 0 $ 14,000 $1 4,00 0 $14 ,0 00 $15, 00 0 $ 15,0 00 $1 5,00 0 $15 ,0 00

Large Upscale Natural Food

Stores$3,000 $3,500 $4,900 $4,900 $4,900 $4,900 $4,900 $4,900 $6,000 $6,000 $6,000 $6,000

Small Natural Food Stores $1,000 $1,000 $1,000 $1,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000

Other $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Subtotal Direct Cost of Sales $12,500 $13,000 $15,900 $15,900 $18,900 $20,900 $20,900 $20,900 $23,000 $23,000 $23,000 $23,000

Personnel Plan


Jean Simmons 0% $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000

Sales Manager 0% $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000

Production Staff 0% $10,000 $10,000 $10,000 $10,000 $10,000 $10,000 $10,000 $10,000 $10,000 $10,000 $10,000 $10,000

Distribution Staff 0% $10,000 $10,000 $10,000 $10,000 $10,000 $10,000 $10,000 $10,000 $10,000 $10,000 $10,000 $10,000

S ales S ta ff 0% $12,000 $12 ,000 $12 ,000 $12 ,000 $12 ,000 $12 ,000 $12 ,000 $12 ,000 $12 ,000 $12 ,000 $12 ,000 $12 ,000

Total People 15 15 15 15 15 15 15 15 15 15 15 15

T otal P ayro ll $38 ,000 $38 ,000 $38 ,000 $38 ,000 $38 ,000 $38 ,000 $38 ,000 $38 ,000 $38 ,000 $38 ,000 $38 ,000 $38 ,000

General Assumptions


Plan Month 1 2 3 4 5 6 7 8 9 10 11 12

Current Interest Rate 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00%

Long-term Interest

Rate

10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00%

Tax Rate 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00%

Other 0 0 0 0 0 0 0 0 0 0 0 0

Pro Forma Profit and Loss


Sales $60,000 $ 60,000 $ 70,000 $ 70,000 $ 80,000 $ 90,000 $ 90,000 $ 90,000 $ 100,000 $100,000 $100,000 $100,000

Direct Cost of Sales $12,500 $13,000 $15,900 $15,900 $18,900 $20,900 $20,900 $20,900 $23,000 $23,000 $23,000 $23,000

Other Pr oduc tion E xpenses $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Total Cost of Sales $12,500 $13,000 $15,900 $15,900 $18,900 $20,900 $20,900 $20,900 $23,000 $23,000 $23,000 $23,000

Gross Marg in $47 ,500 $47 ,000 $54 ,100 $54 ,100 $61 ,100 $69 ,100 $69 ,100 $69 ,100 $77 ,000 $77 ,000 $77 ,000 $77 ,000

Gross Marg in % 79.17% 78.33% 77.29% 77.29% 76.38% 76.78% 76.78% 76.78% 77.00% 77.00% 77.00% 77.00%

Expenses

Payroll $ 38,0 00 $38 ,0 00 $ 38,0 00 $38 ,0 00 $ 38,000 $38 ,0 00 $ 38,000 $38 ,0 00 $ 38 ,000 $ 38,0 00 $38 ,0 00 $ 38,0 00

Sales and Marketing and

Other Expenses $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000

Depreciation $800 $800 $800 $800 $800 $800 $800 $800 $800 $800 $800 $800

Leased Equipment $0 $0 $ 0 $0 $ 0 $0 $ 0 $0 $ 0 $0 $0 $ 0

Utilities $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000

Insurance $800 $800 $800 $800 $800 $800 $800 $800 $800 $800 $800 $800

Rent $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000

Payroll Taxes 15% $5,700 $5,700 $5,700 $5,700 $5,700 $5,700 $5,700 $5,700 $5,700 $5,700 $5,700 $5,700

Other $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Total Operating Expenses $55,300 $55,300 $55,300 $55,300 $55,300 $55,300 $55,300 $55,300 $55,300 $55,300 $55,300 $55,300

Profit Before Interest and

Taxes($7,800) ($8,300) ($1,200) ($1,200) $5,800 $13,800 $13,800 $13,800 $21,700 $21,700 $21,700 $21,700




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EBITDA ($7,000) ($7,500) ($400) ($400) $6,600 $ 14,600 $14,600 $14,600 $22,500 $22,500 $22,500 $22,500

Interest Ex pense $ 401 $46 9 $ 538 $60 6 $ 674 $74 2 $ 810 $87 8 $ 94 6 $ 1,01 4 $1, 082 $ 1,15 1

Taxes Incurred ($2,460) ($2,631) ($521) ($542) $1,538 $3,917 $3,897 $3,877 $6,226 $6,206 $6,185 $6,165

Net Profit ($5,741) ($6,139) ($1,216) ($1,264) $3,588 $9,141 $9,093 $9,046 $14,528 $14,480 $14,433 $14,384

Net Profit/Sales -9.57% -10.23% -1.74% -1.81% 4.49% 10.16% 10.10% 10.05% 14.53% 14.48% 14.43% 14.38%

Pro Forma Cash Flow

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov DecCash Received

Cash from Operations

Cash Sales $15,000 $15,000 $17,500 $17,500 $20,000 $22,500 $22,500 $22,500 $25,000 $25,000 $25,000 $25,000

Cash f rom Receivables $40,000 $41,500 $45,000 $45,250 $52,500 $52,750 $60,250 $67,500 $67,500 $67,750 $75,000 $75,000

Subtotal Cash from Operations $55,000 $56,500 $62,500 $62,750 $72,500 $75,250 $82,750 $90,000 $92,500 $92,750 $100,000 $100,000

Additional Cash Received

Sales Tax, VAT, HST/GST

Received0.00% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

New Current Borrowing $8,333 $8,333 $8,333 $8,333 $8,333 $8,333 $8,333 $8,333 $8,333 $8,333 $8,333 $8,500

New Other Liabilities (interest-

free)$3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000

New Long-term Liabilities $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000

Sales of Other Current Assets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Sales of Long-term Assets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

New Investment Received $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Subtotal Cash Received $69,333 $70,833 $76,833 $77,083 $86,833 $89,583 $97,083 $104,333 $106,833 $107,083 $114,333 $114,500

Expenditures Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Expenditures from Operations

C ash Spen ding $ 38,0 00 $3 8,00 0 $38 ,0 00 $3 8,00 0 $38 ,0 00 $3 8,00 0 $3 8,00 0 $3 8,00 0 $3 8,000 $ 38,000 $ 38,000 $ 38, 000

B ill Payments $ 21,0 23 $3 0,59 8 $28 ,1 46 $3 5,50 2 $32 ,7 45 $4 1,02 3 $4 4,18 7 $4 2,10 8 $4 2,382 $4 8,907 $4 6,721 $4 6, 769

Subtotal Spent on Operations $59,023 $68,598 $66,146 $73,502 $70,745 $79,023 $82,187 $80,108 $80,382 $86,907 $84,721 $84,769

Additional Cash Spent

Sales Tax, VAT, HST/GST Paid

Out$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Principal Repayment of Current

Borrowing$1,666 $1,666 $1,666 $1,666 $1,666 $1,666 $1,666 $1,666 $1,666 $1,666 $1,666 $1,666

Other Liabilities Principal

Repayment$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Long-term Liabilities Principal

Repayment$1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500

Purchase Other Current Assets $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000

Purchase Long- term Assets $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000

Dividends $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

S ubto ta l Cas h S pen t $66 ,189 $75 ,764 $73 ,312 $80 ,668 $77 ,911 $86,189 $89 ,353 $87 ,274 $87 ,548 $94 ,073 $91 ,887 $91,935

Net Cash Flow $3,144 ($4,931) $3,521 ($3,585) $8,922 $3,394 $7,730 $17,059 $19,285 $13,010 $22,446 $22,565

C ash Balan ce $ 43,1 44 $ 38,21 3 $41 ,7 35 $ 38,15 0 $47 ,0 72 $ 50,46 5 $5 8,19 5 $7 5,25 4 $9 4,539 $ 107,549 $1 29,995 $1 52 ,560

Pro Forma Balance Sheet


Assets Starting Balances

Current Assets

C as h $ 40 ,0 00 $ 43 ,1 44 $3 8, 21 3 $ 41 ,7 35 $3 8, 15 0 $ 47 ,0 72 $5 0, 46 5 $ 58 ,1 95 $7 5, 25 4 $ 94 ,5 39 $1 07 ,5 49 $ 12 9, 99 5 $ 15 2, 56 0

Accounts Receivable $80,000 $85,000 $88,500 $96,000 $103,250 $110,750 $125,500 $132,750 $132,750 $140,250 $147,500 $147,500 $147,500

Inventory $10,000 $13,750 $14,300 $17,490 $17,490 $20,790 $22,990 $22,990 $22,990 $25,300 $25,300 $25,300 $25,300

Other Current Assets $5,000 $7,000 $9,000 $11,000 $13,000 $15,000 $17,000 $19,000 $21,000 $23,000 $25,000 $27,000 $29,000

Total Current Assets $135,000 $148,894 $150,013 $166,225 $171,890 $193,612 $215,955 $232,935 $251,994 $283,089 $305,349 $329,795 $354,360

Long-term Assets

Long-term Assets $50,000 $52,000 $54,000 $56,000 $58,000 $60,000 $62,000 $64,000 $66,000 $68,000 $70,000 $72,000 $74,000

Accumulated Depreciation $12,000 $12,800 $13,600 $14,400 $15,200 $16,000 $16,800 $17,600 $18,400 $19,200 $20,000 $20,800 $21,600

Total Long-term Assets $38,000 $39,200 $40,400 $41,600 $42,800 $44,000 $45,200 $46,400 $47,600 $48,800 $50,000 $51,200 $52,400

Total Assets $173,000 $188,094 $190,413 $207,825 $214,690 $237,612 $261,155 $279,335 $299,594 $331,889 $355,349 $380,995 $406,760

Liabilities and Capital Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Current Liabilities

Accounts Payable $20,000 $29,668 $26,959 $34,419 $31,382 $39,548 $42,784 $40,703 $40,749 $47,349 $45,162 $45,208 $45,255

Current Borrowing $0 $6,667 $13,334 $20,001 $26,668 $33,335 $40,002 $46,669 $53,336 $60,003 $66,670 $73,337 $80,171

Other Current Liabilities $0 $3,000 $6,000 $9,000 $12,000 $15,000 $18,000 $21,000 $24,000 $27,000 $30,000 $33,000 $36,000

Subtotal Current Liabilities $20,000 $39,335 $46,293 $63,420 $70,050 $87,883 $100,786 $108,372 $118,085 $134,352 $141,832 $151,545 $161,426

Long-term Liabilities $40,000 $41,500 $43,000 $44,500 $46,000 $47,500 $49,000 $50,500 $52,000 $53,500 $55,000 $56,500 $58,000

Total Liabilities $60,000 $80,835 $89,293 $107,920 $116,050 $135,383 $149,786 $158,872 $170,085 $187,852 $196,832 $208,045 $219,426

Paid-in Capital $80,000 $80,000 $80,000 $80,000 $80,000 $80,000 $80,000 $80,000 $80,000 $80,000 $80,000 $80,000 $80,000

Retained Earnings $9,000 $33,000 $33,000 $33,000 $33,000 $33,000 $33,000 $33,000 $33,000 $33,000 $33,000 $33,000 $33,000

Earnings $24, 000 ($5,741) ($11,880) ($13, 096) ($14,360) ($10, 771) ($1,630) $7,463 $ 16,508 $31,036 $45,516 $59,949 $74,333

Total Capital $113,000 $107,259 $101,120 $99,904 $98,640 $102,229 $111,370 $120,463 $129,508 $144,036 $158,516 $172,949 $187,333

Total Liabilities and Capital $173,000 $188,094 $190,413 $207,825 $214,690 $237,612 $261,155 $279,335 $299,594 $331,889 $355,349 $380,995 $406,760




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Net Worth $113,000 $107,259 $101,120 $99,904 $98,640 $102,229 $111,370 $120,463 $129,508 $144,036 $158,516 $172,949 $187,333




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Financial Plan

The following is the financial plan for FASI VENTURE SDN BHD.

7.1 Break-even Analysis

The monthly break-even point is $71,689.

Break-even Analysis

Monthly Revenue Break-even $71,689

Assumptions:

Average Percent Variable Cost 23%

Estimated Monthly Fixed Cost $55,300




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Projected Cash Flow

The following table and chart are the projected cash flow for three years.

Pro Forma Cash Flow

2002 2003 2004

Cash Received

Cash from Operations

Cash Sales $252,500 $290,000 $332,500

Cash from Receivables $690,000 $848,094 $972,673

Subtotal Cash from Operations $942,500 $1,138,094 $1,305,173

Additional Cash Received

Sales Tax, VAT, HST/GST Received $0 $0 $0

New Current Borrowing $100,163 $0 $0

New Other Liabilities (interest-free) $36,000 $36,000 $36,000

New Long-term Liabilities $36,000 $36,000 $36,000

Sales of Other Current Assets $0 $0 $0

Sales of Long-term Assets $0 $0 $0 New Investment Received $0 $0 $0

Subtotal Cash Received $1,114,663 $1,210,094 $1,377,173

Expenditures 2002 2003 2004

Expenditures from Operations

Cash Spending $456,000 $490,000 $526,000

Bill Payments $460,111 $578,610 $641,410

Subtotal Spent on Operations $916,111 $1,068,610 $1,167,410




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Additional Cash Spent

Sales Tax, VAT, HST/GST Paid Out $0 $0 $0

Principal Repayment of Current Borrowing $19,992 $19,992 $19,992

Other Liabilities Principal Repayment $0 $0 $0

Long-term Liabilities Principal Repayment $18,000 $18,300 $3,700

Purchase Other Current Assets $24,000 $30,000 $40,000

Purchase Long-term Assets $24,000 $30,000 $30,000

Dividends $0 $0 $0

Subtotal Cash Spent $1,002,103 $1,166,902 $1,261,102

Net Cash Flow $112,560 $43,192 $116,071

Cash Balance $152,560 $195,751 $311,823

7.3 Projected Profit and Loss

The following table and charts are the projected profit and loss for three years.




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Pro Forma Profit and Loss

2002 2003 2004

Sales $1,010,000 $1,160,000 $1,330,000

Direct Cost of Sales $230,900 $265,000 $296,000

Other Production Expenses $0 $0 $0

Total Cost of Sales $230,900 $265,000 $296,000

Gross Margin $779,100 $895,000 $1,034,000

Gross Margin % 77.14% 77.16% 77.74%

Expenses

Payroll $456,000 $490,000 $526,000

Sales and Marketing and Other Expenses $72,000 $132,000 $132,000

Depreciation $9,600 $9,600 $9,600Leased Equipment $0 $0 $0

Utilities $12,000 $12,000 $12,000

Insurance $9,600 $9,600 $9,600

Rent $36,000 $36,000 $36,000

Payroll Taxes $68,400 $73,500 $78,900

Other $0 $0 $0

Total Operating Expenses $663,600 $762,700 $804,100

Profit Before Interest and Taxes $115,500 $132,300 $229,900

EBITDA $125,100 $141,900 $239,500

Interest Expense $9,310 $13,703 $14,203

Taxes Incurred $31,857 $35,579 $64,709

Net Profit $74,333 $83,018 $150,988

Net Profit/Sales 7.36% 7.16% 11.35%

Projected Balance Sheet




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The following table is the projected balance sheet for three years.

Pro Forma Balance Sheet

2002 2003 2004

Assets

Current Assets

Cash $152,560 $195,751 $311,823

Accounts Receivable $147,500 $169,406 $194,233

Inventory $25,300 $29,036 $32,433

Other Current Assets $29,000 $59,000 $99,000

Total Current Assets $354,360 $453,193 $637,488

Long-term Assets

Long-term Assets $74,000 $104,000 $134,000

Accumulated Depreciation $21,600 $31,200 $40,800

Total Long-term Assets $52,400 $72,800 $93,200

Total Assets $406,760 $525,993 $730,688

Liabilities and Capital 2002 2003 2004

Current Liabilities

Accounts Payable $45,255 $47,763 $53,162

Current Borrowing $80,171 $60,179 $40,187

Other Current Liabilities $36,000 $72,000 $108,000

Subtotal Current Liabilities $161,426 $179,942 $201,349

Long-term Liabilities $58,000 $75,700 $108,000

Total Liabilities $219,426 $255,642 $309,349

Paid-in Capital $80,000 $80,000 $80,000

Retained Earnings $33,000 $107,333 $190,351

Earnings $74,333 $83,018 $150,988

Total Capital $187,333 $270,351 $421,339

Total Liabilities and Capital $406,760 $525,993 $730,688

Net Worth $187,333 $270,351 $421,339

7.5 Business Ratios

Business ratios for the years of this plan are shown below. Industry profile ratios based

on the Standard Industrial Classification (SIC) , Groceries and related products, are

shown for comparison.

Ratio Analysis

2002 2003 2004 Industry Profile

Sales Growth 74.14% 14.85% 14.66% 4.60%

Percent of Total Assets

Accounts Receivable 36.26% 32.21% 26.58% 33.30%




2009

Inventory 6.22% 5.52% 4.44% 26.00%

Other Current Assets 7.13% 11.22% 13.55% 20.90%

Total Current Assets 87.12% 86.16% 87.24% 80.20%

Long-term Assets 12.88% 13.84% 12.76% 19.80%

Total Assets 100.00% 100.00% 100.00% 100.00%

Current Liabilities 39.69% 34.21% 27.56% 45.20%

Long-term Liabilities 14.26% 14.39% 14.78% 10.00%

Total Liabilities 53.95% 48.60% 42.34% 55.20%

Net Worth 46.05% 51.40% 57.66% 44.80%

Percent of Sales

Sales 100.00% 100.00% 100.00% 100.00%

Gross Margin 77.14% 77.16% 77.74% 44.10%

Selling, General & Administrative Expenses 69.78% 70.00% 66.39% 26.70%

Advertising Expenses 5.94% 10.34% 9.02% 0.70%

Profit Before Interest and Taxes 11.44% 11.41% 17.29% 0.80%

Main Ratios

Current 2.20 2.52 3.17 1.69

Quick 2.04 2.36 3.01 1.01Total Debt to Total Assets 53.95% 48.60% 42.34% 55.20%

Pre-tax Return on Net Worth 56.69% 43.87% 51.19% 3.60%

Pre-tax Return on Assets 26.11% 22.55% 29.52% 8.00%

Additional Ratios 2002 2003 2004

Net Profit Margin 7.36% 7.16% 11.35% n.a

Return on Equity 39.68% 30.71% 35.84% n.a

Activity Ratios

Accounts Receivable Turnover 5.14 5.14 5.14 n.a

Collection Days 59 66 67 n.a

Inventory Turnover 10.91 9.75 9.63 n.a

Accounts Payable Turnover 10.73 12.17 12.17 n.a

Payment Days 28 29 28 n.aTotal Asset Turnover 2.48 2.21 1.82 n.a

Debt Ratios

Debt to Net Worth 1.17 0.95 0.73 n.a

Current Liab. to Liab. 0.74 0.70 0.65 n.a

Liquidity Ratios

Net Working Capital $192,933 $273,251 $436,139 n.a

Interest Coverage 12.41 9.66 16.19 n.a

Additional Ratios

Assets to Sales 0.40 0.45 0.55 n.a

Current Debt/Total Assets 40% 34% 28% n.aAcid Test 1.12 1.42 2.04 n.a

Sales/Net Worth 5.39 4.29 3.16 n.a

Dividend Payout 0.00 0.00 0.00 n.a

New Venture Proposal of Fasi Ventures Sdn Bhd FESTUS AGBARA

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