*NEWS*JADI IMAGING GET’S OK,CHINA GOV.

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*NEWS*JADI IMAGING GET’S OK,CHINA GOV.

 user 2005-11-02 at 9:59:00 am Views: 66
  • #14478

    Jadi Imaging gets nod to produce toners in China
    Jadi
    Imaging Holdings Bhd, which is en route to a listing on the Second
    Board, has received approval from the Jiangsu provincial government of
    China to manufacture toners in Suzhou.
    In a statement on Oct 27, it said production was expected to start in April next year.
    It
    has set up a subsidiary, Jadi Imaging Technology (Suzhou) Co Ltd (Jadi
    Suzhou), as a wholly-owned foreign enterprise to undertake the
    production of toners for the Chinese market.
    It said Jadi Suzhou,
    which has a registered capital of US$3.5 million (RM13.21 million), has
    begun outfitting its rented factory in the high-tech Suzhou Industrial
    Park.
    Jadi Suzhou is the second subsidiary of Jadi Imaging after Jadi Imaging Technologies Sdn Bhd, its manufacturing arm in Malaysia.
    Jadi
    Imaging said as a foreign-invested manufacturing enterprise that had
    been approved with “encouraged industry status”, Jadi Suzhou would
    enjoy full corporate income tax exemption for two years and a 50%
    reduction of corporate income tax for three years from its first
    profit-making year.
    Thereafter, it will be subject to a preferential
    corporate income tax rate of 15%. In addition, as an “encouraged
    project”, it will enjoy duty free import of machinery and equipment.
    Exports contributed 94.4% of the group’s total revenue for the financial year ended Dec 31, 2004.
    “China is the group’s biggest export market, accounting for 16.1% of our total revenue.
    “By
    setting up manufacturing facilities in Suzhou, we can provide better
    service and reach our domestic customers faster,” said Liew Kim Siong,
    chief executive officer of Jadi Imaging.
    “With our new factory in
    Suzhou and the favourable trading environment that the Chinese
    government has accorded us, we hope to increase our trade volume with
    China substantially.
    “In addition, the Group plans to take advantage
    of the growing trend among European and American cartridge
    remanufacturers to outsource their production to Chinese companies,
    thus creating a huge demand for toners from cartridge remanufacturers
    catering to the export market in Europe and the United States,” he
    added.
    With the setting up of the manufacturing facility in Suzhou,
    Liew said that the company was confident that it could penetrate deeper
    into the rapidly growing Chinese market.
    To date, the Jadi Imaging group is the sole manufacturer of toners in Malaysia and one of the biggest in Southeast Asia.
    It aims to be one of the top three biggest independent toner manufacturers in the world by 2008.