General Announcement

18/09/2003

MEMORANDUM OF UNDERSTANDING (MOU) BETWEEN ENGTEX DUCTILE IRON PIPE INDUSTRY SDN BHD (EDIPI) AND SPECIAL FOUNDRY RESEARCH INSTITUTE OF SHENYANG, CHINA (SFRIS)

ENGTEX GROUP BERHAD

Type

Announcement
SubjectMEMORANDUM OF UNDERSTANDING (MOU) BETWEEN ENGTEX DUCTILE IRON PIPE INDUSTRY SDN BHD (EDIPI) AND SPECIAL FOUNDRY RESEARCH INSTITUTE OF SHENYANG, CHINA (SFRIS)

Contents :

Engtex Group Berhad ("Engtex") is pleased to announce that EDIPI, a subsidiary of Engtex, had on 15 September 2003 entered into a MOU with SFRIS for the purpose of, amongst others:


a) setting up a foundry research centre in Kuantan, Pahang targeting at capturing technical market share in Southeast Asia region,
b) supplying, installing and commissioning of new ductile iron pipe casting production line to upgrade EDIPIs existing plant capacity, and
c) appointing EDIPI as SFRISs exclusive sole agent in Southeast Asia region for the supply of SFRISs ductile iron pipe casting machinery and foundry facilities.

    EDIPI is involved in the manufacturing of ductile iron pipes and fittings in Gebeng Industrial Estate, Kuantan, Pahang whereas SFRIS is involved in the scientific research, manufacturing and trading of ductile iron pipe machines and other related foundry equipment in Shenyang, China.

    Since February 2003, EDIPI has engaged SFRIS to supply, install and commission a ductile iron pipe casting production line in Kuantan plant and the first successful trial run was recorded in August 2003. Pursuant to this established business relationship, both parties have agreed to sign the above MOU with an estimated investment cost of Ringgit Malaysia Twenty Two Million only (RM22,000,000.00) which is expected to be incurred over a period of two (2) years by EDIPI.

    Unless otherwise expressly agreed by the parties, the MOU shall remain in force until the execution of the agreements contemplated above.

    This announcement is dated 18 September 2003.


    Announcement Info

    Company NameENGTEX GROUP BERHAD  
    Stock Name ENGTEX
    Date Announced18 Sept 2003  
    CategoryGeneral Announcement
    Reference NoEG-030918-63129

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