Announcement Details/Table Section :
This announcement should be read in conjunction with the earlier announcement made on 17 June 2011. All defined terms used in this announcement, unless the context otherwise states, shall bear the same meaning as those defined in the announcement dated 17 June 2011 in relation to the Proposals.
We refer to the announcement dated 17 June 2011 in relation to the Proposals. In relation thereto, the Board wishes to clarify the following:
(1) The expected completion date of development of the entire New Factory, and the expected date on which the New Factory will have 20 single-former production lines, a chlorination plant, a double-storey warehouse and cleanroom facilities and other ancillary facilities
The construction of part of the New Factory which is able to house ten (10) single-former production lines, a chlorination plant and a double-storey warehouse has been completed as at the date of this announcement. The setting up of the said chlorination plant and the said double-storey warehouse to be erected thereon is expected to be completed by the second quarter of 2011.
The expansion plan to build 20 single-former production lines has been modified to include double-former production lines. The Careplus group has commissioned the first four (4) single-former production lines in June 2011. It will then embark on the installation of the next five (5) double-former lines, together with Descarpack upon completion of the Proposed JV, which is expected to be completed and commissioned by the third quarter 2012.
The commencement of the installation of the remaining lines on the other part of the New Factory (which will be constructed), and the setting up of the cleanroom facilities, will depend on the market needs, and these will be co-funded together with Descarpack under the JV Company.
(2) Source(s) of funding by the Careplus group for RM23 million incurred for the expansion and the additional capital commitment of approximately RM8 million, and the breakdown
The Careplus group has funded the RM23 million incurred for the said expansion and will fund the additional capital commitment of approximately RM8 million in the manner as set out in Appendix 1.
This announcement is dated 22 June 2011.