RM1.3b contract win for Anzo?
KUALA LUMPUR: Anzo Holdings Bhd may have bagged a contract worth RM1.3 billion to RM1.5 billion for the export of copper scrap to Japan and South Korea.
Sources said the company could announce the deal as early as next week.
It is believed that Anzo will start exporting the copper scrap from next month.
The stock traded heavily yesterday, rising five sen, or 55.56 per cent, to close at 14 sen, with 232.4 million shares changing hands.
The potential copper contract will also be its second major win this year.
In June, Anzo won a RM1.3 billion contract to supply copper scrap indirectly to a steel-making group in South Korea, effective from July 1.
In a filing with Bursa Malaysia, the company had said it entered into a supply agreement with CSTME Resources Sdn Bhd, one of the major importers and exporters of non-ferrous materials in Malaysia, and would supply up to 60,000 tonnes of copper scrap at RM23,000 per tonne over 40 months.
Anzo, which is also involved in property development and timber products, has been actively seeking to diversify its income stream over the past two years.
Its managing director Datuk Eddie Chai Woon Chet previously told the New Straits Times that the company was expected to turn around in its financial year ending July 31.
This is now possible, given that Anzo had supplied close to 4,500 tonnes of copper to South Korea, worth about RM90 million, since July 1.