Oji Paper Group and Texchem Resources Bhd. ("TRB") have reached the basic agreement on setting up another corrugated box factory in the northern part of Vietnam in order to provide high quality corrugated boxes to throughout Vietnam. Our existing joint venture, Ojitex (Vietnam) Co., Ltd., located in Dong Nai Province is satisfactorily increasing sales volume.
Recently the northern part of Vietnam has been attracting a large number of foreign direct investments. We estimate the growing demand of high quality corrugated boxes for such companies. Therefore, we have agreed to do further investigation to realize the new factory there.
Hereafter, we advance deliberations on the implementation plan of the new factory based on the market and other investigations.
| New Factory Overview |
| 1. Capital Investment |
: |
US12 - 13 million
(approximately the same as Ojitex (Vietnam) Co,
Ltd.) |
| 2. Partnership |
: |
Oji Paper Co, Ltd. and Texchem Resources Bhd. |
| 3. Number of Employees |
: |
180 (in full production) |
| 4. Type of Business |
: |
Manufacture and sale of corrugated box and other related packaging materials |
| 5. Operation Start-up |
: |
Scheduled in October 2004
|
|
Texchem Resources Bhd. Overview |
| 1. Established |
: |
November 1973
(Listed on the Main Board of the Kuala Lumpur Stock Exchange since June 2001) |
| 2. Corporate Headquarters |
: |
Penang, Malaysia |
| 3. Core Business |
: |
The Group is involved in industrial chemicals and consumer products trading, household insecticides manufacturing, specialized plastic packaging products, marine food processing and investment holdings. |
| 4. Share Capital |
: |
Malaysian Ringgit 109,181,123 |
| 5. 2002 Revenue |
: |
Malaysian Ringgit 654,000,000 |
| 6. Number of Employees |
: |
6,500 |
| 7. Operation Start-up |
: |
Scheduled in October 2004
|
|
Ojitex (Vietnam) Co., Ltd. Overview |
| 1. Established |
: |
August 1999
(Licensed on December 28th, 1998) |
| 2. Capital |
: |
US$12,000,000 |
| 3. Shareholders |
: |
Ojitex Holdings Sdn. Bhd. 100%
(Ojitex Holdings is 70% owned by Oji Paper, 30% owned by TRB) |
| 4. Location |
: |
Bien Hoa, Dong Nai Province, Vietnam |
| 5. Operation Start-up |
: |
October 2000 |
| 6. Number of Employees |
: |
180 |
| 7. Production Capacity |
: |
40,000,000 square meter p.a. |
|
