| XINPRO EXPECTS 50 MILLION RENMINBI TURNOVER NEXT YEAR |
| 29 June 2005 |
| Published by : Star Biz News, Pg 4 |
Kajang, Jun 29: PROTASCO Bhd expects its newly incorporated joint venture company, Xinpro Road Maintenance (Sichuan) Ltd Liability Co, to generate turnover of 50mil renminbi next year, said managing director Datuk Chong Ket Pen.
Xinpro was established between Protasco's wholly owned subsidiary Protasco Infra Sdn Bhd - which controls 51% - and Chengdu Xinzhu Road and Bridge Machinery Co Ltd, with 36% interest, while Qionglai Road and Bridge Engineering Co Ltd and Xinjin Fukun Road Engineering Consultative Office hold 10% and 3 % interest respectively.
The Company would supply the China market with road materials, consultancy services as well as undertake maintenance, construction and other infrastructure works for roads or bridges, Chong said after the signing of a memorandum of understanding between Protasco and the joint venture partners to formalise their shareholding in Xinpro in Kajang yersterday.
"We are in the process of obtaining a license from the Chinese authorities and will commence operations with a road maintenance project early next year," Chong said.
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