On July 20, 2018 the U.S. Department of Commerce (“DOC”) issued a preliminary affirmative anti-circumvention determination concerning carbon steel butt-weld fittings from Malaysia. The DOC preliminarily determined that Malaysian companies are circumventing the antidumping duty (AD) order on butt-weld fittings from China. As a result, carbon steel butt-weld fittings having an inside diameter of less than 14 inches exported by Pantech Steel Industries Sdn Bhd (“PSI”) to the United States are subject to a cash deposit rate for estimated AD duties of 182.90% ad valorem, based on the duty rate in effect on carbon steel butt-weld fittings from China.
DOC’s decision is a preliminary determination only. PSI is represented by legal counsel in the United States concerning this matter, and is taking all possible legal steps to reverse this preliminary determination. Pending further developments in the DOC investigation, PSI has suspended all shipments of carbon steel butt-weld fittings having an inside diameter of less than 14 inches to the US. It is estimated that there could be a 20% reduction in revenue to the Group for the remaining months of this financial year.
PSI strongly views this decision as unjustified and contrary to applicable U.S. law. PSI has never intentionally circumvented the antidumping duty order concerning China and believes that all of its fittings exported in Malaysia should be classified as originating in Malaysia and entered without AD duties. PSI has production facilities of approximately 32,000 square meters, including factories and warehouses, located on an approximately 50,000 square meters of land in Meru, Selangor, Malaysia. These well-established production facilities have been producing up to 21,000 metric tons of Made in Malaysia carbon steel butt-weld fittings per annum, which are exported internationally.
The Board would like to inform that the management team is working closely with the appointed legal counsel to challenge this unjustified DOC decision and will announce further major development as and when the information becomes available.
ya, i also already bought in what I call is panic for me, average is good... so, keep it... jilaakar to US, always busy body... I don't think all insti run away at the moment...
KUALA LUMPUR (July 26): The US trade war against China has claimed its first local victim, with Pantech Group Holdings Bhd warning that it could see a 20% reduction in revenue for the remaining months of the current financial year ending Feb 28, 2019 (FY19).
Nevertheless, the group expects its overall performance for FY19 to remain profitable.
In a filing with Bursa Malaysia today, Pantech announced that its net profit rose by a marginal 1.1% to RM14.12 million in the first financial quarter ended May 31, 2018 (1QFY19) from RM13.96 million a year ago, mainly due to the increase in sales demand from both trading and manufacturing divisions.
This resulted in a higher earnings per share of 1.9 sen for 1QFY19 compared with 1.89 sen for 1QFY18. Quarterly revenue also grew 17.7% to RM178.39 million from RM151.5 million.
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
hunterdog
206 posts
Posted by hunterdog > 2018-06-11 13:43 | Report Abuse
chirstmas to the tahun baru cina, now hari raya liao