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scomi engineering invests rm25m in machine shops

by:QY Precision      2019-10-01
Namin: Scomi Engineering Bhd is investing about 25 million yuan to open three new machine stores in the region and expand its Brunei machine stores year by year
Terminal to meet the needs of the industry.
Senior Vice President Hilmy Zaini Zainal said that this will bring the total number of machine stores under Scomi Engineering to 10.
The company will open machine stores in Irian Jaya, Johor Bahru and Saudi Arabia with an investment cost of between $1.
He launched Scomi Engineering\'s upgraded machine store here yesterday, saying $ 5mil and $ 3mil per plant.
Scomi Engineering currently has 7 machine stores in Asia
Pacific region-Malaysia, Singapore, Brunei, Australia, Thailand and Indonesia.
A machine store provides general end thread services and thread repair and maintenance works for upstream oil and gas pipelines.
\"The upgrade of the Brunei store will cost RM500, 000.
\"These three Machine stores will be put into operation this year,\" Hilmy said . \".
Hilmy said Scomi Engineering will fund the expansion through internal funds and loans.
\"Our drive is quite low between 0. 16 and 0.
17 times, as of December 31, 2006.
\"We don\'t think we will have any difficulties in finding financing for expansion,\" he added . \".
Hilmy said the company\'s Irian Jaya machine store is expected to open this month, and the Saudi Arabia and Johor Bahru machine stores will open in October.
\"The Saudi Arabian machine store is a 70: 30 joint venture with local partners, with Scomi Engineering holding a 70% stake.
\"Part of the investment will also come from our partners there,\" he said.
Hilmy added that Scomi Engineering has invested 8mil in the Namin machine plant.
Three more digital computer-based facilities will be added. controlled (CNC)
About $400,000 a year for a lathe-end.
At present, there are 6 CNC machine tools.
The new machine will increase the processing capacity of the plant to 20,000 pipes per year.
Meanwhile, Labuan is looking for investors to further expand its oil and gas industry and consolidate its role as one of the country\'s petrochemical districts.
With the growth of the oil and gas industry on the 92-square-kilometer island, the company is considering allowing about 500 acres of land to be developed.
Su Haili Abdul Rahman, MP for the federal territory of Labuan, said the company is looking for private companies to invest in land reclamation, estimated to cost about 400mil and develop a return on investment plan.
\"We hope that the plan will start next year, with the possibility of 200 acres in the first phase, and the remaining land will be extended to the Tenth Malaysia Plan,\" he said . \".
He added that the federal territory is also looking for corporate entities that finance reclamation through private financing initiatives and is willing to provide incentives.
\"An incentive base can be developed, such as 80% of the land will be owned by investors, and the remaining land will be owned by the government,\" he said . \". SCOMIEN : [Stock Watch][News]
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