28th Mar 2013 07:00
TRICOR PLC
("Tricor" or the "Company")
Fixed Term Supply Contract
Further to the announcement on 18 March 2013, the Company is pleased to announce that Chahaya Shipping and Trading Co. Pte Ltd ("Chahaya") has entered into a contract (the "Contract") with the Company's wholly owned subsidiary, Tricor Environmental Pte Ltd ("TEPL"), to purchase sand from TEPL from time to time. Under the terms of the two year fixed term contract, Chahaya is obliged to purchase from TEPL a minimum of 5.1 million metric tons of sand in the first 12 months and 8.6 million metric tons in the second 12 months. Under certain circumstances, Chahaya may terminate the Contract after the expiry of the first 18 months.
TEPL expects that its first sale of sand to Chahaya to be completed on or about 31 March 2013.
Chahaya is a Singapore based private limited company incorporated in 1975 focused on shipping, trading and providing services to the construction and infrastructure industry by procuring and delivering infrastructure and construction materials, including sand, to government and private construction related projects in Southeast Asia. Chahaya has been involved in procuring sand in Southeast Asia, including the Philippines, for construction related projects since 2007.
TEPL is still actively involved in negotiations with other potential buyers of sand. An announcement will be made if an agreement arises from any of these negotiations.
Enquiries:
Tricor Plc Chan Fook Meng - Chairman/CEO
| +65 62362985
|
Allenby Capital Ltd (Nominated Adviser & Broker) Jeremy Porter Nick Naylor James Reeve | +44 (0)20 3328 5656
|
Related Shares:
Tricor