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| Expands business coverage aiming to increase market |
HONG KONG, June 13, 2011 - (ACN Newswire) - CPMC Holdings Limited ("CPMC" or the "Company"; stock code: 906), the largest metal packaging company in China, recently announced at its annual general meeting ("AGM") that its two-piece beverage can factory in Wuhan, Hangzhou has commenced mass production.
In addition, Mr Wang Jinchang, Chairman of the Board of Directors, also stated at the AGM that the share options scheme is being implemented as originally planned. The framework of the scheme has been finalised, and the State-owned Assets Supervision and Administration Commission of the State Council and COFCO Group have agreed in principle. Further details of implementation are pending approval. Once approved, the scheme is expected to be imposed within this year.
Mr Wang said, "COFCO's strategic customer, JDB Group (the can manufacturer of Wong Lo Kat) has gradually migrated from three-piece to two-piece beverage cans. With the new facility, the Company has also overcome a bottleneck and has started to receive orders from other customers. In the future, we will continue to prospect for new customers with the aim to secure new orders and increase our market share."
Responding to the question about the first quarter results from a shareholder, Mr Zhang Xin, Executive Director, described the operations of the Company as strong. The projects for production of two-piece aluminium beverage cans have made good progress. The Hangzhou two-piece beverage can production line with an annual capacity of 700 million cans has completed equipment installation in the first half of 2010. After obtaining certifications from key customers, mass production has commenced, and the facility began to make profit the same year. The Wuhan two-piece beverage can production line with an annual capacity of 800 million cans completed equipment installation in late 2010. Most of the required certifications have been obtained from major customers and mass production has commenced at the end of the first quarter of this year.
Looking forward, Mr Zhang concluded, "On top of our two-piece beverage aluminium can production lines launching mass production, the projects for installation of our other two-piece beverage can production lines in Northern, Southern and Southwestern China are proceeding smoothly. Beyond this, the Company plans to expand the plastic packaging business. To do so, the Company intends to broaden its footprint through operations in Northern, Eastern, Southern and Southwestern China via organic growth or M&A, so as to grow plastic packaging business into one of the leading businesses of CPMC."
Topic: Construction of Facility
Source: CPMC Holdings Limited
Sectors: Engineering
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From the Asia Corporate News Network
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