CHINA:JADI IMAGING GETS OK FROM GOV.

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CHINA:JADI IMAGING GETS OK FROM GOV.

 user 2005-11-02 at 9:57:00 am Views: 70
  • #14477

    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.