Anzo Holdings Bhd won deal of RM1.3 billion to supply copper scrap

Anzo Holdings Bhd has won a contract worth 1.3 billion to supply copper over a period of 40 months to a South Korea company.

Anzo Holdings Bhd entered a supply agreement with CSTME Resources Sdn Bhd, a local distributor in a closed door ceremony here today.

CSTME is one of the major importer and exporter of non-ferrous material in Malaysia which specialized mainly in copper products.

The material will then be dismantled, shredded, segregated and graded before they are bundled and delivered to buyers.

CSTME will supply up to 60,000 tonnes of copper scrap, value at RM23,000 per tonne to South Korean-based steel company on a monthly basis. A total of RM1.3 billion over a period of 40 months.

Anzo Holdings Bhd managing director and major shareholder is Datuk Eddie Chai Woon Chet, who has been instrumental in gaining new business for the company.

This deal will strengthen Anzo’s trading business for sustainable earnings in a long period and it will also create business opportunities in the international export market. Anzo said in a filing with Bursa Malaysia today.

Trading Anzo’s share price has been increasing, closing 15 sen prior to its suspension yesterday.

With the RM1.3 billion contract, the company is expecting to return to profitability this year.

Anzo is set to record better earnings in the fourth quarter ending July 31, 2020

It’s a counter to look at this year on Bursa Malaysia.