Thursday, 18 August 2016

Tex Cycle Technology M Bhd(KLSE:TEXCYCL)

TEX CYCLE M BHD

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Description

Tex Cycle Technology (M) Berhad is Malaysia-based investment holding Company. The Company is engaged in a waste management business. The Company's segments include Investment holding, which includes Investment activities in investment property and unquoted securities held by the Company on a long-term basis; Recovery and recycling services, which includes the provision of waste recovery and recycling services, and rental of recycled products; Manufacturing, which includes manufacturing and marketing of chemical products; Trading, which includes trading of chemicals and other products, and Others, which includes rental of investment property. The Company also supplies specialized products for the defense industry, and endow chemical products for related industries. It offers professional services preferred by companies from the various industries, which include electronics, engineering, automobile, oil and gas, and printing industries.

Officers and directors

Age: 61
Age: 62
Age: 51
Age: 56
Age: 61
Age: 65


Tex Cycle Technology M Bhd (TXCY.KL)

TXCY.KL on Kuala Lumpur Stock Exchange

1.23MYR
17 Aug 2016
Change (% chg)

RM-0.03 (-2.38%)
Prev Close
RM1.26
Open
RM1.26
Day's High
RM1.27
Day's Low
RM1.23
Volume
212,000
Avg. Vol
--
52-wk High
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52-wk Low
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SUMMARY

NameAgeSinceCurrent Position

Siew Ho

61Executive Chairman of the Board

Periasamy Sinakalai

62Managing Director and Executive Director

Yusseri Bin Said

2005Executive Director

Siew Cheong Ho

512005Executive Director

Siew Weng Ho

562005Executive Director

Youn Kim Wong

2016Company Secretary

Alagasan AL Varatharajoo

612011Non-Executive Independent Director

Razali Bin Jantan

552005Independent Non-Executive Director

Ravindran Markandu

652007Independent Non Executive Director

BIOGRAPHIES

NameDescription

Siew Ho

Mr. Siew Choong Ho is Executive Chairman of the Board of Tex Cycle Technology (M) Bhd. He was appointed to the Board of Tex Cycle Technology on 13 May 2005. He obtained a Diploma of Graphic Reproduction from London College of Printing, United Kingdom in 1974 and Post Award Studies (graphic reproduction) in 1975. Upon his return from the United Kingdom he joined Metro-Engravers Sdn. Bhd. and was involved in all areas of business management such as Human Resource, Finance, Marketing, Research and Development, Sales and Distribution. He was appointed as a Chairman in Metro-Engravers Sdn. Bhd. in 2000. He is the person responsible for managing Metro-Engravers Sdn. Bhd. in the field of pre-print electronic system. He was appointed as a Director in Tex Cycle in 1995 and has since been involved in various aspects of Tex Cycle’s business which include Administration and Finance. He is also one of the three members of Tex Cycle’s Research and Development (“R&D”) team which is working to enhance and improve Tex Cycle’s methods of recovery and recycling as well as to design and develop new methods of recovery and recycling, as well as new products and services.

Periasamy Sinakalai

Mr. Periasamy A/L Sinakalai is Managing Director and Executive Director for Tex Cycle Technology (M) Bhd. He was appointed to the Board of Tex Cycle Technology on 13 May 2005. He obtained a Senior Cambridge Certificate in 1968. He started his career in The New Straits Times Group in 1969 at the young age of 18. After 10 years of service in The New Straits Times Group, he left his position as a Production Planner to join Papyrus Printing, which a subsidiary of the Star Publications for two years. He then joined Malaysian British Assurance Berhad and was promoted to the position of a Production Manager in 1979. His tenure in Malaysian British Assurance Berhad lasted for about five years before he left in 1985 to join Tex Cycle as a Marketing Manager. He subsequently became a shareholder of Tex Cycle and was appointed the Executive Director of Tex Cycle on April 21, 1986. In addition to his role as a Marketing Manager, he has also been directly involved in Tex Cycle’s Administration and is an integral part of Tex Cycle’s research and development team. He was awarded the Pingat Masyarakat Cemerlang (PMC) by the Yang Dipertua Negeri Sembilan on 25 October 2001. He is also the member of Working Group on Scheduled Waste (SIRIM).

Yusseri Bin Said

Mr. Yusseri Bin Said is Executive Director of Tex Cycle Technology (M) Bhd. He was appointed to the Board of Tex Cycle Technology on 13 May 2005. He graduated from Universiti Sains Malaysia with a Bachelor of Science (Honours) in 1984. He started his career in the banking industry as a Trainee Officer in Malayan Banking Berhad. In 1995, he obtained a Masters in Business Administration from Ohio University, the United States, upon completion of a twinning programme at the Universiti Teknologi MARA (UiTM). He subsequently left Malayan Banking Berhad and appointed to the Board of Directors of Metro Koats.

Siew Cheong Ho

Mr. Siew Cheong Ho is Executive Director of Tex Cycle Technology (M) Bhd. He was appointed to the Board of Tex Cycle Technology on 13 May 2005. He graduated with a Bachelor of Science from the University of Newcastle-upon-Tyne, United Kingdom in 1985. Upon graduation, he started his career as a Site Engineer in General Fire Fighting Sdn. Bhd. He was later appointed as a Sales Manager in Metro-Engravers Sdn. Bhd. in 1987. In 1995 he founded Metro Koats and has been a Director in Metro Koats ever since. He is also the Head of R&D in Metro Koats where he is responsible for the development and invention of all the products of MetroKoats, including camouflage paint and chemical formulae/solutions for the process of treatment of contaminated waste and effluent. He has experience in developing chemical formulae/solution, and he is also a member of Tex Cycle’s research and development (R&D) team, focusing on the development of Tex Cycle’s waste treatment system.

Siew Weng Ho

Mr. Siew Weng Ho is Executive Director of Tex Cycle Technology (M) Bhd. He was appointed to the Board of Tex Cycle Technology on May 13, 2005. He was appointed to the Board of Tex Cycle on August 13, 2001. He has been directly involved in various areas of Tex Cycle’s business management, particularly Marketing, Sales and Distribution. Prior to his appointment to the Board of Tex Cycle, he was attached to Metro- Engravers Sdn. Bhd. and was involved mainly in the Sales and Marketing Department. Tex Cycle has benefited from his experience in marketing and sales, where his job function includes building a sales and marketing team with representatives based in different locations to reap the full benefit of local knowledge. He is also in charge of exploring new business potential in both the regulated and non-regulated waste generating industries.

Youn Kim Wong

Alagasan AL Varatharajoo

Razali Bin Jantan

Mr. Razali Bin Jantan is Independent Non-Executive Director of Tex Cycle Technology (M) Bhd. He was appointed to the Board of Tex Cycle Technology on May 13, 2005. He holds a Diploma in Business Studies and subsequently joined Modern Commodities Trading as a Dealer. From 1983 to 1992, he was attached to Malaysian Tobacco Company Berhad with Marketing Department. In 1993, he founded Quest Entrepreneur Sdn. Bhd., which is involved in event management, and QE Advertising (M) Sdn. Bhd., which is an advertising agency. He is currently the Managing Director of Quest Entrepreneur Sdn. Bhd. and the Chief Executive Officer of QE Advertising (M) Sdn. Bhd.

Ravindran Markandu

Mr. Ravindran Markandu is Independent Non Executive Director of Tex Cycle Technology (M) Berhad. He was appointed to the Board of Tex Cycle Technology on March 1, 2007. He is a Fellow of the Institute of Chartered Accountants in England and Wales since 1976 and a member of the Malaysian Institute of Accountants. His previous employments include ten years with the UMW Group as Group Accountant initially and finally as Group Financial Controller of UMW Toyota Motor Sdn. Bhd., seven years with the Upali Group, the last position held being Executive Director, Malaysian Operations. In 1993 he accomplished a management buy-in of Bright Packaging Industry Berhad and had the company listed on the Bursa Malaysia (Kuala Lumpur Stock Exchange) in 1995. He left Bright Packaging in 1998, after having sold a substantial portion of his stake. He now provides financial consultancy and investment advisory services and through a family company, he is involved in real estate investment and property development. He is also involved with a number of not-for-profit organizations, being the immediate past Honorary Secretary-General of the Kuala Lumpur and Selangor Indian Chamber of Commerce and Industry, Honorary Treasurer of the Bukit Damansara House Owners’ Association, and a committee member of the Institute of Chartered Accountants in England and Wales, Malaysia City Group.

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SHAKY RINGGIT MALAYSIA IS GETTING SHAKIER

5-8-2016



KUALA LUMPUR: The bad news just doesn’t stop for Asia’s worst-performing currency.

Already reeling from a renewed slump in oil prices and a political scandal that just won’t go away, the Malaysian ringgit is now facing the prospect of another cut in interest rates. It’s the region’s biggest loser in the past month and analysts still see scope for it to drop more than 2% by year-end.

The currency’s slide highlights all is not well as the nation’s economy heads for its worst performance this decade. Crude oil’s plunge to a four-month low this week undermines the finances of net oil exporter Malaysia, while the appeal of its relatively high bond yields is being tempered by the scandals surrounding a troubled state investment fund. 

Rabobank Group and UBS Group AG both predict Bank Negara Malaysia will add to its first rate cut in seven years in coming months.

Another rate reduction “will be a further negative for the currency because one of the things that’s attractive about it is it’s got a relatively high yield,” said Michael Every, head of financial markets research at Rabobank in Hong Kong. 

“They’ve been extremely stable on the interest-rate front up until the last cut. If we get another one, it will get the market thinking: ‘What do they know that we don’t?’”

Brent crude’s 13% slump this quarter is exacerbating Malaysia’s woes. Sliding energy prices have eroded export earnings and rising costs are curbing business investment. Economic growth slowed to the least in more than six years in the first quarter, and analysts project it will ease to 4.2% for the year as a whole, the least since 2009.

DOWN 450 MILLION WHEN DROP IS ONE

The outlook for the currency is linked to oil prices as Malaysia derives 20% of its revenue from energy-related sources. The nation loses RM450mil in annual income for every US$1 decline in oil, the prime minister said in April.

The ringgit has dropped 1.3% in the past month, underperforming regional peers which all recorded gains except for the Philippine peso and Indonesia’s rupiah. 

The currency traded at 4.052 per dollar as of 11:11 am in Kuala Lumpur on Thursday, after being as strong as 3.142 in August 2014, when oil was still above US$100 a barrel.

The ringgit will weaken to 4.10 per dollar by the end of September and 4.15 by year-end, according to the median estimates of analysts surveyed by Bloomberg. Rabobank is more bearish, predicting 4.15 by Sept. 30 and 4.30 by the end of December, Every said.

3% 
Bank Negara unexpectedly cut its benchmark interest rate by a quarter point to 3% on July 13 to bolster growth, and analysts say pressure is building for another move.

July’s easing was a “pre-emptive move” and there are no current plans to adjust rates again over the next few meetings, although policy makers will look at data to see what is needed, central bank Governor Muhammad Ibrahim told the official Bernama news agency in an interview published July 14.

UBS projects the central bank will make another quarter- point rate cut by early next year and the ringgit will weaken to 4.40 per dollar by the end of December in anticipation. Three- year bonds yield five basis points less than the central bank rate, signaling investors see a chance for further easing.

“Malaysian export growth continues to be weak, a common problem among emerging-market economies, and the current-account surplus is expected to narrow further, which could put pressure on the currency when portfolio inflows slow,” said Maximillian Lin, a currency strategist at UBS in Singapore.


RM  4+ TO A DOLLAR
JPMorgan Chase & Co predicts the ringgit will stay between 3.90 and 4.10 per dollar in the second half as Malaysia’s relatively high bond yields attract investors. That scenario would only be threatened if the Federal Reserve were to raise interest rates at the same time as Bank Negara cuts them, its foreign-exchange analysts say.

“If the Fed outlook was fairly benign it’s not likely that another rate cut would hurt ringgit sentiment all that much,” said Jonathan Cavenagh, head of Asia emerging-market currency strategy at JPMorgan Chase in Singapore. 

“Outright yields are still quite high, particularly compared to the major developed markets. Hence we would expect limited downside in the ringgit.”

While Malaysian bonds offer the second-highest interest payments in Southeast Asia after Indonesia’s, they are losing their allure. The yield on the benchmark 10-year security dropped to 3.62% on Thursday, from as high as 4.45% in August 2015.

43 % HELD BY FOREIGNERS

“High foreign participation in the local currency bond market, we estimate 34% of outstanding Malaysian government securities are owned by foreigners, makes the ringgit very sensitive to the Fed outlook and to domestic political developments,” UBS’s Lin said.