Poly Tower expanding overseas to meet demand

  • Business
  • Wednesday, 12 Nov 2003

POLY Tower Ventures Bhd, an integrated plastic bag and film manufacturer, plans to open a sales office in New York and appoint an agent in Angola, Africa. 

Poly Tower said in a statement yesterday that this was to cater to the growing overseas demand for plastic bags and films.  

The company has 16 principal overseas markets including Britain, Ireland, France, Denmark, the Czech Republic, Hungary, the US, Australia, New Zealand, Japan, Taiwan, Singapore, Thailand, Gambia, Angola and South Africa. 

The company said its plans include acquiring a new plant with an extruder and fabrication machine and expanding its new product range in areas that dealt with sealant films, metallocene polymerise PE film as well as other types of plastic bags and films. 

The group intended to expand its existing range of biodegradable plastic bags to maintain a competitive edge in the industry and meet the increasing demand for these products from developed countries. 

Poly Tower is en route to a listing on the KLSE second board.  

The listing exercise involves a public issue of 10 million shares of 50 sen each at an issue price of 90 sen per share and an offer for sale of 2 million 50 sen shares at 90 sen each. – Bernama 

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