LIMAHSOON Confident Of Growth In Laminated
Board Industry
Bernama, 26 May 2004
KUALA LUMPUR, May 26 (Bernama) -- Bursa Malaysia-bound
LIMAHSOON Bhd (LIMAHSOON), a leading manufacturer of semi-finished
timber products, is optimistic of its growth in rubberwood
products based on the strengthening economy as well as the
potential of the laminated board industry, its company Managing
Director, Lim Chong Khim said.
Lim said: "The economy is expected to strengthen over the
next few years and this augurs well for our company as it
leads to potential business opportunities in the domestic
and export markets."
Lim was speaking at an underwriting agreement ceremony held
here today with Aseambankers as the advisor, managing underwriter
and underwriter Mayban Securities Sdn Bhd.
"We have expanded into new areas such as the manufacture
of lamited boards and mouldings for the rubberwood furniture
industry and this growth had increased our manufacturing
requirements," Lim said.
Lim also said that the company had invested approximately
RM30 million in its operation which included their newly
launched factory equipped with advanced machinery.
He said that the company would try to explore the overseas
market in the future whereas they still focus on the demands
and supplying of local markets.
"The company currently has a base of over 50 customers predominantly
in the country.
"Our products now are well received in Germany, Japan, India
and Korea as we adhere to strict quality assurance processes
and procedures which are at par with international standards,"
Lim added.
En route to its listing, the company is making a public
issue of 16.4 million new ordinary shares and the underwriting
of 8.002 million new ordinary shares of RM0.50 each at an
issue price of RM1.08 per share.
Upon listing, the issued and paip-up share capital of the
company will increase from RM32.0 million to RM40.20 million
comprising 80.4 million ordinary shares of RM0.50 each.
A portion of the gross proceeds of RM24.72 million arising
from the rights issue and the public issue will be used
for capital expenditure, repayment of bills and bank overdraft,
working capital and listing expenses.
LIMAHSOON Bhd was incorporated in Malaysia on December 27,
2002 as a private limited company under the name of LIMAHSOON
Sdn Bhd and subsquently converted into a public company
under its present name on May 8, 2003.
The company began as a sawmilling business in 1987 and since
1995 had focused exclusively on the sawmilling of rubberwood
and diversified to other aspects including pressure treatment,
kiln drying and manufacture of laminated boards and mouldings.
At present, its sawmilling activities are solely for internal
manufacturing requirements.
- BERNAMA
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