Monday 6 August 2012

News Highlights - Chin Well Holdings, Tadmax Resoruces, Timber Sector


Chin Well Holdings Bhd (RM1.28/share)
Expanding ops
Chin Well Holdings Bhd, armed with a strong cashflow of RM22.9mil, is expanding its range of range of steel fastener products into South-East Asia and Europe despite the weakening global economic climate. Group director Tsai Chi-yun said the European market, which Chin Well was traditionally strong, was expected to generate less than 45% of the group’s revenue for the fiscal year ending June 30, 2013 (FY13). According to Tsai, as a result of the slower demand, the price of essential raw material for fasteners, wire rod, had dropped to US$760 per tonne, compared with US$800 per tonne about six months ago. – Starbiz

Tadmax Resources Bhd (40.5 sen/share)
Tadmax plans land sale
Tadmax Resources Bhd is planning to sell some of its landbank to help pare down debts, chief executive officer Datuk Faizal Abdullah said.  “We want to clean up the balance sheet and move forward. For the past four years, our shareholders have had a tough time,” said Faizal in an interview with Business Times. Tadmax, formerly known as Wijaya Baru Global Bhd, was taken over late last year by low-profile businessman Major (rtd) Anuar Adam. Anuar bought a 32.02 per cent stake in Tadmax, then known as Wijaya, from Datuk Tiong King Sing at 95 sen a share. –Business Times

Timber sector
Mill wastes used to feed biomass plants
Major plywood mills in Sarawak are increasingly using wood residues to generate energy for their operations, according to Sarawak Timber Industry Development Corp (STIDC) industrial planning manager Nicholas Andrew Lissem. He said there were now 14 biomass plants in Sarawak, which supplied energy for use in the mills. In fact, major timber groups such as Shin Yang, Samling, Rimbunan Hijau, Ta Ann Holdings and KTS all owned biomass plants. “The volume of wood residues consumed by these biomass plants is about 1.1 million tonnes last year,” Andrew told StarBiz. – Starbiz

Source: AmeSecurities 

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