Malaysia’s Press Metal sets up joint venture with Chinese company
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Press Metal Bhd is setting up a joint venture (JV) with a Chinese aluminium raw material supplier to manufacture pre-baked carbon anodes in China.
The capital expenditure for the project is estimated at 450 million yuan (Bt2.4 billion).
Press Metal will take a 20-per-cent stake in the JV, with an option to increase it to 40 per cent after three years.
The JV is “to secure long-term supply of one of the major raw materials, pre-baked carbon anode, for our subsidiaries, namely, Press Metal Sarawak and Press Metal Bintulu”, the company said in a filing with Bursa Malaysia yesterday.
The JV agreement with Sunstone Development Co Ltd (SDCL) will lead to the setting up of Shandong Sunstone & PMB Carbon (SSPC).
SDCL is primarily involved in the production and distribution of pre-baked carbon anodes to the aluminium industry in China and elsewhere.
Under the deal, Press Metal will be entitled to acquire SSPC shares from SDCL or subscribe for additional new shares in SSPC after three years from the date of business commencement and before the expiry in the fourth year.
The JV agreement is not expected to have any material effect on the earnings, net assets and gearing of the Press Metal group for the financial year ending December 31, 2016. – The Star
International motor show returns to Vietnam next month
Eighteen leading automobile brands will take part in the biggest ever motor show in Vietnam, the 2016 Vietnam International Motor Show, to be held in Ho Chi Minh City (HCM City) next month.
The show follows the first-ever event in 2015, which was very successful with the participation of nine automobile importers and attracting more than 70,000 visitors.
One hundred and fifty models from 18 brands, Audi, Bentley, BMW Motorrad, Infiniti, Jaguar, Lamborghini, Land Rover, Maserati, Mercedes-Benz, Mini, Nissan, Porsch, Renault, Subaru, Suzuki, UD Trucks, and Volkswagen, will be on display, Laurent Genet, general director of Audi Vietnam and a spokesperson for the organisers, said.
He added that passenger cars, which account for 60 per cent of the Vietnamese market, would be the focus of the show.
The exhibition this year will see the return to Vietnam of popular Russian brand Ulyanovsky Avtomobilny Zavod.
The show, which runs from October 26-30, is expected to welcome 120,000 visitors. To attract more visitors, it will remain open until 8pm daily.
The 2016 Vietnam International Motor Show comes amid impressive growth in the country's automobile market. In the first eight months of the year over 183,000 new imported and locally assembled cars were sold, an increase of over 30 per cent year on year.
The expo will be held at the Sai Gon Exhibition and Convention Centre in District 7 of HCM City.|–Vietnam News
