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Maskimi Polyol heading for stock listing

The following report appeared in the Business Times of Malaysia, and reports the possible listing of Maskimi Polyol Sdn Bhd on the Malaysian Mesdaq stock exhange by 2006. Maskimi is one of the world’s few companies making a success out of making polyols based on natural oils, primarily palm oil, but with a process that can handle similar oils from sources as diverse as soya or fish.David Reed, EditorBina Puri aims to list Maskimi on Mesdaq in 2006Business Times (Malaysia); Apr 15, 2004BINA Puri Holdings Bhd plans to list its subsidiary, Maskimi Polyol Sdn Bhd, on the Mesdaq Market in 2006.Group managing director Tan Sri Tee Hock Seng said bullish exports, particularly to China, had driven Maskimi’s sales up by 30 per cent in the last two months.The subsidiary, set up in 1997, is poised to rake in RM8 million in sales this year after stagnating at the RM4 million mark for the last two years.Tee said Maskimi is on target to achieve average sales of RM700,000 per month with a 40 per cent contribution from exports.”We had forecast RM15 million in sales next year, but conservatively, we are confident of achieving sales between RM10 million and RM12 million with exports contributing half of it. “Once this target is met, then we will apply for the Mesdaq listing in 2006,” Tee told Business Times recently.Maskimi is engaged in the manufacturing and marketing of natural oil polyol (NOP) and polyurethane systems. NOP is used to manufacture polyurethane foam for cold insulation, furniture parts, car bumper, insert, sprayfoam, pipe insulation, and other industrial applications.Currently, Maskimi exports its products to the South-East Asian region, Australia, China and West Asia.Although costing more than conventional polyols, which are mostly petrochemical-based products, NOP is environment-friendly and has greater acceptance overseas due to its high quality.”Recently, we were enquired by an American company to develop a polyol formula using soyaoil. On top of that, we had provided technical information on NOP in Iceland whereby fish oil was used in the formula,” Tee said.To ensure continued growth, Maskimi emphasises on research and development (R and D) activities to improve its formulae and develop new grades of NOP for new applications.”This is a capital-intensive industry, therefore, in our first two years, 70 per cent of our R and D expenses was reimbursed through a government grant. But, generally, we spend some RM2 million a year on R and D.”There is tremendous room for growth, and currently our plant in Kajang is only running at a 30 per cent capacity when in fact it can produce 60 tonnes of NOP per day,” he said, adding that RM10 million has been invested in the plant to date.Bina Puri, whose principal activity is investment holding, was listed on the main board of the Malaysia Securities Exchange Bhd in January 1995. The group has been involved in a wide range of construction and building related activities which include civil and building construction; quarry and manufacturing; property development and international ventures.”

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