More news for Inari Stock : Inari Expects New Plant To Contribute Up To 30 Per Cent Of Revenue In FY2013

The Inari Bhd stock look good for long term investment, but with the second wave of economic melt down is underway can the Inari Bhd  will be sustained? After all I think the stock is worth to buy since the company has strong fundamental product and has future feasible market for it product
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Inari Expects New Plant To Contribute Up To 30 Per Cent Of Revenue In FY2013

KUALA LUMPUR, July 19 (Bernama) -- Inari Bhd, a semiconductor electronics manufacturing services provider, expects its upcoming manufacturing plant in Penang to contribute up to 30 per cent of the company's revenue in the financial year 2013.

Managing director, Tan Seng Chuan, said the plant, costing RM25 million and due for completion next March, would increase the company's manufacturing floor space capacity by 46 per cent from 11,650 square metres currently to 17,005 square metres.

He said this to reporters after Inari's listing on the ACE Market of Bursa Malaysia here today.

The company's share made its debut on the market at 41 sen, a premium of three sen from its offer price of 38 sen with 2.8281 million shares exchanging hands at the opening bell.

Tan said the new plant was essential for the company's expansion with the current plant already utilised by more than 90 per cent.

On another development, Tan said the company was also looking to supply components for medical devices, adding that the sector had the potential to be developed as a substantial contributor to its revenue.

"We expect the sector to contribute 10 per cent to revenue in two years time."

Inari's initial public offering (IPO), which entailed the issue of 83 million new ordinary shares, raised RM31.5 million in proceeds.

Of the 83 million shares, 10 million were made eligible to the public via balloting, 10.4 million to eligible directors, employees and business associates as well as subsidiaries, 26.1 million for private placement to selected investors and 36.5 million for Bumiputera investors approved by the Ministry of International Trade and Industry.

Tan said the proceeds would be allocated for capital expenditure (RM17.5 million), repayment of debts (RM7.6 million), working capital (RM4.5 million) as well as for listing expenses.


Source: Bernama