TEXCHEM RESOURCES BERHAD
INCORPORATION OF TEXCHEM-PACK (PHILIPPINES) INC.
We are pleased to announce that Texchem-Pack (M) Sdn. Bhd. (hereinafter referred to as "TXPM"), a wholly-owned subsidiary of Texchem Resources Bhd. (hereinafter referred to as "TRB") had incorporated a wholly-owned subsidiary in the Philippines known as Texchem-Pack (Philippines) Inc. (hereinafter referred to as "TXPP").
Information on TXPP
TXPP was incorporated on December 20 1999 under the laws of the Republic of Philippines with an Authorised Capital of Pesos 57,000,000 (approximately equivalent to RM5,700,000) divided into 57,000 shares of Pesos 1,000 per share; and as required under the Corporation Code of the Philippines, 25% or Pesos 14,250,000 (approximately equivalent to RM1,425,000) has been paid up. TXPP shall be principally engaged in the manufacturing of thermoformed plastic trays for supply to primarily the hard disk drive, semiconductor electronic and electronic consumers goods industries; production of which is entirely for export.
TXPP which is targeted to be operational in March 2000, has applied for tax incentives and import duty exemptions among other related benefits from PEZA (Philippines Economic Zone Authority) and is awaiting a favourable reply from them. In the meantime, a factory site has been located in the Light Industry & Science Park II, Calamba in the Province of Laguna.
TXPP is in the business of manufacturing thermoformed plastic trays and is complementary and synergistic to the business of TXPM which is in the manufacturing of plastic packaging materials as both are serving the disk drive industry. By setting up a manufacturing plant in the Philippines, we will be closer to our customer base to provide fast response in customer service.
The setting up of TXPP also represents the TRB Group's continued expansion in the ASEAN region and symbolises our further commitment to our customers in the ASEAN region.
To-date the TRB Group has four (4) trading companies namely Texchem Materials Sdn. Bhd. and Texchem Consumers Sdn. Bhd. in Malaysia, Texchem Singapore Pte. Ltd. in Singapore and Myanmar Texchem Limited in Myanmar; and with TXPP in the Philippines, six (6) manufacturing companies namely Izutex Sdn. Bhd., TXPM and Texchem-Pack (Johor) Sdn. Bhd. in Malaysia, Texchem-Pack (Thailand) Co. Ltd. in Thailand and Ojitex (Vietnam) Co. Ltd. in Vietnam.
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