We wish to announce that a small fire broke out at the site of our TE3 Project (i.e. the project for our KBR Catalytic Olefins Technology catalytic cracking reactor that is to be attached to our existing second naphtha cracker plant in Pasir Gudang, Johor, Malaysia) at about 2:23pm on 20 September 2017. The fire was put out at about 2:41pm. We are still in the midst of investigating the cause of the fire.
No one was injured in the incident and all other plants at the Pasir Gudang site were not affected. There is no impact on normal production and all other plants are running normally.
The Company is assesing the financial impact on the Company and will make an immediate announcement once determined.
There is minor damange and we expect the TE3 Project commercial startup to be on track by Q4 2017. We will provide an update on the TE3 Project as soon as possible.
The announcement says the fire started at 2.23pm and was put out on 2.41pm. And there was no impact on normal operation and all other plants are running normally....
spy008, in my reading this is not an ongoing operation but perhaps a test run. Becos the keyword is project. new plant testing perhaps. What do yo think?
the way i read the announcement is not too negative, suspend the trade just make it sound "negative"...
they should hired a better PR to - release the announcement on the same day if it is nothing too major - not to suspend the trade unless the announcement is very bad
isn't that should be the PR's job make it sound better to public rather than make it worst?
OK. Based on the edge report, Maybank IB says it is the new plant and might delayed by 1-3 months....
Good news is, at least it wont affect the current productivity, just the expected additional productivity is delayed (but the new capacity is ALOT !! was expected to improve the capacity from 354 KTA to 3,368 KTA... but gone atm....
From THE EDGE:
"TE3 is a new plant which involves the extension of its current facilities in Malaysia. Currently, the plant is undergoing commissioning process ahead of its planned start-up in October this year.
The plant has a nameplate capacity of 354KTA to lift LCT's total capacity to 3,368KTA by this year-end.
Mohshin said this fire will likely delay the start-up process as the management and authorities will carry out their investigation."
In retrospect, the announcement was released at about 11.45 just after the market maker had his duel with the impending barrage of shares raining down on him. The suspension and announcement came when it was in the green. What would have happened should it be suspended early or midway when it was in the red? Could this provide an opportunity for the market maker to remove the uncertain holders effectively? So what will happen at 2.30....up or down.
Seems no big deal. Rebound and recover in time soon.
And based on the odd trading behavior before it halted the trades, somehow smells like insider exchanging volume or something? Curious about the opening later.
Good support by almost all analysts, but don't know their own IBs are selling or collecting now? Hopefully the management really know the fire impacts on its bottom line this round, unlike the previous water disruption impact which they failed totally to determine its impacts and looks like it is acceptable excuse as there was no action taken by anyone.
should be colllected by their IB, or else how come will so fast recover from rm5 until 5.3 ? and now i guess down side will be minimum and heading back 2 rm6.5
plant catches fire!!! likely will take this as an excuse to report lower q result or probably at a loss just like what happen to hovid when their license revoke, they reported 2 q loss.
this is a chemical technology stock, if you have knowledge and confidence in Korean chemical technology , and their capability of solving problems encounter the industry ,then you invest,if not, better stay sideline. I , for one think Korean chemistry and engineering technology standard, are reasonable advanced.
buy for the value. the only prob is, it hve bad IPO image vs qtr rpt, thts coz price up down much and fear drop again to lowest 4.14
i would buy more at 5.0-5.10, RSI 40-50% and sold if 60-70% until nxt qtr out. once profit proven, will break resistance rm6 then hold until hit bck ipo 6.50.
By Irina Slav - Sep 24, 2017, 10:00 AM CDT OPEC Brent is back above US$55 for the first time since February and WTI is hovering above US$50. The world should look like a better place for OPEC members and their partners who had to cut the economic equivalent of live flesh to make it happen. Yes, the latest global oil supply data has confirmed that the OPEC/non-OPEC Vienna Club has achieved its goal of cutting oil supply to more manageable levels. Yes, OPEC’s output has fallen markedly. But no, this won’t last long.
The IEA’s latest Oil Market Report found that global crude oil supplies had fallen by 720,000 bpd in August, not just as a result of deliberate cuts, but also thanks to outages and field maintenance—mostly in non-OPEC producers. The agency also noted oil production in OPEC fell in August for the first time since March, while compliance with the cut deal improved to 82 percent, making the overall for the year-to-date adherence 86 percent.
The Vienna Group’s compliance monitoring committee is meeting today to discuss the progress, and the oil ministers will probably have reason to pat each other on the back. They did it: oil supplies are down and prices are up. But that’s just for now, and on this point, analysts seem to be unanimous. Higher summer demand in the northern hemisphere had a part to play in the oil supply decline, and that part was no small one. Production outages, most notably in Libya, also helped to drive global supply down.
Now summer season is over and demand will start falling. While the situation in Libya remains unstable and no accurate predictions can be made about further disruptions in oil production there, U.S. shale producers may start adding rigs once again, after a month or so of slowing. Other non-OPEC producers, for example in the North Sea, are also eyeing higher production going forward, which, according to the IEA, is bad news for OPEC and its partners as this higher output will exceed the demand growth rate next year.
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spy008
177 posts
Posted by spy008 > 2017-09-21 11:42 | Report Abuse
We wish to announce that a small fire broke out at the site of our TE3 Project (i.e. the project for our KBR Catalytic Olefins Technology catalytic cracking reactor that is to be attached to our existing second naphtha cracker plant in Pasir Gudang, Johor, Malaysia) at about 2:23pm on 20 September 2017. The fire was put out at about 2:41pm. We are still in the midst of investigating the cause of the fire.
No one was injured in the incident and all other plants at the Pasir Gudang site were not affected. There is no impact on normal production and all other plants are running normally.
The Company is assesing the financial impact on the Company and will make an immediate announcement once determined.
There is minor damange and we expect the TE3 Project commercial startup to be on track by Q4 2017. We will provide an update on the TE3 Project as soon as possible.
This announcement is dated 21 September 2017