Ann Joo to invest up to RM400m in furnace

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Ann Joo to invest up to RM400m in furnace

Business & Market 2009

Written by Yantoultra Ngui Yichen

Tuesday, 26 May 2009 12:30

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KUALA LUMPUR: Ann Joo Resources Bhd is investing another RM350 million to RM400 million to build a blast furnace in Prai, Penang.

Its managing director Datuk Lim Hong Thye said on May 26 that the furnace would be built in Prai this year and he expected it to be commissioned by mid-2010.

Lim said the company's initial investment was RM200 million to build a blast furnance last year.

The capex would be financed from a RM500 million bridging loan which the company secured recentl, .he told reporters after the shareholders AGM.

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Last Updated on Tuesday, 26 May 2009 15:20

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