Pantech's EGM : All resolutions APPROVED

Pantech expects 40% to 50% of revenue from manufacturing

PANTECH GROUP HOLDINGS BHD [] expects that 40% to 50% of the group's revenue will come from the manufacturing segment from about 20% at present in the next three to five years.

Speaking after the group's EGM here on Thursday, Oct 28, executive director Adrian Tan said the group was intent on the shift to increase its revenue base.

Pantech is involved in the supply of high pressure seamless and specialised steel pipes, fitting and flow control solutions such as valves, actuators and controls. It also manufactures carbon steel fittings.

The EGM was held for the group's shareholders to vote on a proposed one-for-five bonus issue, a rights issue of up to RM77.25 million of ICULS and 77.25 million warrants attached on the basis of one for every 10 ICULS subscribed, in addition to a proposed exemption to CTL Capital Holding Sdn Bhd and several other parties from the obligation to undertake a mandatory take-over offer for all the remaining Pantech shares in the company not already owned.

According to management, shareholders had approved all the resolutions.