The Board of Directors of Scanwolf Corporation Berhad wishes to announce that Scanwolf Plastic Industries Sdn. Bhd. ('SPI'), a wholly-owned subsidiary of the Company, will manufacture a new product, namely plastic film for the packaging industry ('New Product') to complement its existing business in the Manufacturing Division.

SPI is in the process of installing the production lines in its existing plants with an initial production capacity of approximately 3,576 metric tons per annum. SPI targets to commence delivery of the New Product by 31 March 2021.

The New Product is expected to contribute positively to the Group revenue and results for the financial year ending 30 June 2021.

The estimated total capital outlay is RM300,000.00 and it is financed by internally generated funds.

The manufacturing of the New Product will not have any effect on the issued share capital and substantial shareholders' shareholdings of Scanwolf. The manufacturing of the New Product will not have a material effect on the earnings per share, net assets per share and gearing of Scanwolf for the financial year ending 30 June 2021.

This announcement is dated 15 January 2021.

Announcement Info

Company Name SCANWOLF CORPORATION BERHAD
Stock Name SCNWOLF
Date Announced 15 Jan 2021
Category General Announcement for PLC
Reference Number GA1-15012021-00049

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Scanwolf Corporation Bhd published this content on 15 January 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 January 2021 03:07:04 UTC