Anzo bags RM1.3b contract to supply copper scrap

Anzo inks deal to supply copper scrap

-A +A

KUALA LUMPUR (June 25): Anzo Holdings Bhd has inked an agreement to supply up to 60,000 tonnes of copper scrap to CSTME Resources Sdn Bhd for RM23,000 per tonne or a total of RM1.3 billion over a period of 40 months.

“This will strengthen Anzo’s trading business for sustainable earnings in a long period of time and create business opportunities in the international export market,” Anzo said in a filing with Bursa Malaysia today.

“The board is of the view that the supply agreement is expected to augur well for the company,” it added.

In a separate statement, Anzo said CSTME has a commitment to supply the product to a South Korean steel maker.

Trading in Anzo’s securities have been suspended since 4.22pm yesterday. Prior to the suspension, the construction and timber company was trading at 15 sen, up two sen or 15.38% from Tuesday’s close.

The company’s market capitalisation stands at RM132.78 million.

Formerly known as Harvest Court Industries Bhd, the group is involved in the manufacturing of timber products, interior designing and construction of roads, highways and buildings.