KUALA LUMPUR, Malaysia (July 5): Scanwolf Corp Bhd, situated in Perak, will become Malaysia’s largest luxury vinyl floor maker when it adds a pressing machine by the end of the year, according to a statement released today. According to Scanwolf executive director Ng Chee Wai, the company’s current production capacity is 1,100 boxes per day.
“In light of the business segment’s possibilities, management plans to boost manufacturing capacity by 30% to 1,460 boxes per day in the near future,” Ng said.
The pressing machine would be funded by revenues from Scanwolf’s proposed rights issue of irredeemable convertible unsecured loan stocks with warrants, which is estimated to raise up to RM10.5 million.
Ng also stated that the company is looking to grow its export markets, which presently account for less than 10% of its capacity.
He stated that the group feels it is one of the benefactors of the US-China trade war, in which US customers and producers are looking for products in other nations.
Ng, on the other hand, indicated that his plant has the capacity to triple its current output.
Following the epidemic, Ng believes the luxury vinyl tile industry will be a viable alternative flooring option for developers, customers, architects, and interior designers due to its low cost and ease of removal.
Scanwolf is active in the design and manufacture of plastic extrusion for the furniture, packaging (e.g. food, pharmaceutical, stationery, and other industries), and construction materials industries. It is both a property developer and a vinyl flooring maker.
Scanwolf’s shares were up 7.35 percent, or 2.5 sen, to 36 sen at midday, valuing the company at RM38.6 million./n
