Tag Archives: Fitters

FITTERS signs MOU with Sabah State Government [PRESS RELEASE]

  • Wholly-owned subsidiary Future NRG to explore opportunities in the state to establish satellite palm biomass processing centres to treat and convert palm oil waste into resources and energy

Kuala Lumpur, Malaysia, 14 May 2014 – FITTERS Diversified Berhad (FITTERS; 辉德多元; Bloomberg: FIT:MK; Reuters: FITT.KL) is making headway in the Group’s renewable energy business, as its wholly-owned subsidiary Future NRG Sdn Bhd (Future NRG) signed a memorandum of understanding (MOU) with POIC Trading Sdn Bhd (POIC) to explore opportunities in Sabah to treat and convert palm oil waste
into resources and energy.

With the MOU, the Sabah State Government through POIC will jointly work with Future NRG to propagate the setting-up of satellite palm biomass processing centres that will collect and treat palm oil waste such as empty fruit bunches (EFB) from clusters of neighbouring palm oil mills.

Together, POIC and Future NRG will conduct feasibility studies with the intention of setting up such processing centres through build-operate-transfer or build-operate share business models.

 

Dato’ Richard Wong (黄瑞意), Managing Director of FITTERS Diversified Berhad said:

“We will be working closely with the Sabah State Government to convince palm oil millers to set up satellite palm biomass processing centres as an integral part of their operations system. The mills will certainly benefit from having a new revenue stream coming from the generation of resources from the palm biomass processing centres.

Using our “Green Mill” technology, this process not only enhances the profitability of palm oil mills, but also provides palm oil millers a zero-waste solution that helps maintain a sustainable environment.”

Read the full press release here.

Molecor (SEA) enters South East Asia water pipe market [PRESS RELEASE]

  • Subsidiary of FITTERS Diversified Berhad secures exclusive rights to manufacture and market “orientated PVC” (PVC-O) pipes in the region under “HYPRO” brand
    • To invest RM80 million CAPEX for manufacturing plant in Kuantan
    • Intends to capture 10% of the local market share by end-2015

Kuala Lumpur, Malaysia, 20 March 2014Molecor (SEA) Sdn Bhd (Molecor (SEA), 模力固(东南亚)有限公司), a subsidiary of FITTERS Diversified Berhad (FITTERS; 辉德多元; Bloomberg: FIT:MK; Reuters: FITT.KL), is entering the South East Asia water pipe market after securing exclusive rights to manufacture and market PVC-O pipes under the “HYPRO” brand in the South East Asian region. 

Molecor (SEA) is 65% owned by FITTERS, with the balance 25% and 10% stakes held respectively by Ricwil (Malaysia) Sdn Bhd and Molecor Tecnologia S.L. The tripartite shareholders agreement was signed by Dato’ Richard Wong, Managing Director of FITTERS; Mr. Nomis Sim, Chief Executive Officer (CEO) of Ricwil; and Mr. Ignacio Muñoz de Juan, CEO of Spanish-based Molecor Technologia S.L.

Molecor Tecnologia developed and patented the “molecular orientation” technology that gives PVC-O pipes higher impact resistance and longer lifespan of up to 50 years, compared to the 30-year lifespan of conventional steel-based pipes.

 

Dato’ Ir. Low Keng Kok (刘景國), Chairman of Molecor (SEA) Sdn Bhd said:

“We are not only pleased to formalize our partnership today; this collaboration also marks the first entry of PVC-O pipes into Malaysia and South East Asia.

We are excited to bring this technologically-superior product to the region. The current water crisis in Malaysia highlights the urgent need for pipe-replacement initiatives,
so as to minimise water interruption and prevent further unnecessary wastage of water. Hence, we are confident that this venture into the water pipe sector is indeed timely.

PVC-O pipes produced using Molecor’s technology have a track record of effective implementations in several countries to date, including Australia, Italy, France, Spain, South Africa, and Ecuador. We certainly hope to replicate that success in Malaysia, and for a start, aim to capture 10% share of the domestic water pipe market within the first full year of operations.”

Read the full press release here.

FITTERS Announces 30% Dividend Policy [PRESS RELEASE]

  • Policy to be effective from FY2014; to attract long term institutional investors
  • FY2013 net profit grew 51.6% to RM42.3 million
  • To pay an interim dividend of 2.0 sen per share in respect of FY2013

Kuala Lumpur, Malaysia, 24 February 2014FITTERS Diversified Berhad (FITTERS; 辉德多元; Bloomberg: FIT:MK; Reuters: FITT.KL) joined the list of publicly listed companies on Bursa Malaysia that have in recent times established a dividend policy to enhance their investment proposition.

FITTERS today formalised its dividend policy of paying out at least 30% of group net profit to its shareholders, with effect from the financial year ending 31 December 2014 (FY2014).

 

FITTERS Diversified Berhad’s Managing Director, Dato’ Richard Wong (黄瑞意) said:

“The implementation of our dividend policy is a natural progression for the Group as we see the need to focus on growing our institutional shareholders base in tandem with our business.

Over the last five years, we have carefully built a strong business foundation with operations in diverse industries of high growth prospects that will be able to sustain the Group in the long run.

As we are confident of growing our profitability, this dividend policy will also be a step towards providing our shareholders with consistent returns, in hopes of securing them for the long term.”

Read the full press release here.