PT Resources’s planned RM1 bil supply chain intelligent park in Kuantan called off

• The project, which aimed to facilitate bilateral trade between Malaysia and China through Fuzhou, China, was estimated to be worth about RM1 billion.

KUALA LUMPUR (Sept 27): Frozen seafood supplier PT Resources Holdings Bhd’s (KL:PTRB) partnership with China’s Ocean Exchange (Fujian) Foreign Trade Services Co Ltd (Ocean Exchange) to develop the Malaysia East Coast International Supply Chain Intelligent Park in Kuantan, Pahang has fallen through.

The project, which aimed to facilitate bilateral trade between Malaysia and China through Fuzhou, China, was estimated to be worth about RM1 billion.

In a filing with the stock exchange on Friday, PT Resources said the group and Ocean Exchange had mutually agreed to terminate the plan.

In February 2023, both companies signed a memorandum of understanding to set up the park, which was to encompass, among others, integrated cold chain facilities and a digital financial platform utilising the UnionPay network to streamline and facilitate effortless cross-border payments and settlements between the International Supply Chain Intelligent Park and Fuzhou Park.

PT Resources said the mutual termination is not expected to have any material effect on the group’s earnings, net assets, gearing, share capital and substantial shareholders’ shareholding for the financial year ending April 30, 2025.

Separately, PT Resources announced that its net profit for the first quarter ended April 30, 2024 (1QFY2025) rose 5.75% to RM4.96 million from RM4.69 million in 1QFY2024 on the back of a 25.46% jump in revenue to RM165.16 million from RM131.64 million a year before. 

It attributed the better revenue to the increased demand from both domestic and overseas markets, primarily from the Chinese customers.

It declared a first interim dividend of 0.99 sen, payable on Oct 16. 

Looking ahead, the group said it is optimistic on the long-term growth of the demand for its products.

It is also committed to actively identifying and evaluating new business opportunities and/or assets to be acquired which can contribute to and improve its financial performance.

The share price of PT Resources rose half a sen or 0.92% to 55 sen, bringing the group a market capitalisation of RM294 million.

Looking to buy a home? Sign up for EdgeProp START and get exclusive rewards and vouchers for ANY home purchase in Malaysia (primary or subsale)!