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Active Development in Scrapped Automobile Trading in China & Overseas
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HONG KONG, Mar 19, 2013 - (ACN Newswire) - Phoenitron Holdings Limited ("Phoenitron Holdings" or together with its subsidiaries, collectively referred as "the Group") (Stock Code: 8066) is pleased to announce that it has signed a supply agreement with Taiwan-listed China Steel Corporation to supply scrap metal for the period commencing from February 2013 to December 2013. As of 18 March 2013, approximately 200 tonnes of scrap metal have been delivered to China Steel Corporation under the agreement, marking an official commencement of the Group's Taiwan scrap metal trading business.
Ms Lily Wu, Chairman of Phoenitron Holdings, said, "The signing of the supply agreement allows the Group to formally expand its scrap metal trading business network to the Taiwan market, and enable the Group to secure a constant demand in Taiwan, further strengthening our market position and development in this business. We believe that the supply agreement will provide the Group with direct exposure to the promising business opportunity presented by the recycling of metals and materials from scrapped automobiles. We are optimistic about the future prospect of scrap metal trading business."
The Group has been actively exploring various business opportunities in order to diversify the existing business and to explore new markets with significant growth potential. In the past years, the Group has signed a series of Memorandum of Understanding or official agreements with a number of global scrapped automobile suppliers. The co-operations with these suppliers are in good progress. In June last year, the Group had signed a framework agreement with China Railway Group Limited ("CREC", stock code: 390) to collaborate in the scraped automobile trading and repurchase business.
"We remain bullish on the outlook of our scrapped automobile business and believe the business will enable the Group to have a stable cash flow, which will benefit the overall business of the Group," Ms Wu concluded.
Contact:
Strategic Financial Relations Limited
Heidi So
Tel: 852-2864 4826
Email: heidi.so@sprg.com.hk
Roby Lau
Tel: 852-2114 4950
Email: roby.lau@sprg.com.hk
Miranda Xie
Tel: 852-2864 4862
Email: miranda.xie@sprg.com.hk
Fax: 852-2804 2789
Topic: Press release summary
Source: Phoenitron Holdings Limited
Sectors: Metals & Mining, Daily Finance, Daily News
http://www.acnnewswire.com
From the Asia Corporate News Network
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