Sustainable and eco-friendly bioplastics developer SECOS Group Limited (ASX: SES, “SECOS” or “the Company”) wishes to provide an update on the Company’s decision to cease its Australian film manufacturing operations announced on 19 November 2018.
- SECOS appoints international polymer executive and change manager, Ian Stacey, as CEO
- Corporate costs review achieves $0.8 million in fixed overhead savings
- New structure enhances support for business units and SECOS’ key customers • Business progress on track for stronger second half resulting from the completion of first half restructuring initiatives
- Following completion of its strategic review into its wholly owned subsidiary Stellar Films Australia (SFA), SECOS will commence the orderly cessation of its Australian film manufacturing operations.
- The Company expects to achieve significant operating and overhead cost savings through transferring SFA customers to its Malaysian operations. Once this transition period has passed, SECOS expects to achieve an improvement to net profit after tax of more than $0.9 million per annum.
- Experienced Director and business strategist Jim Walsh joins the SECOS Board
- Mr Walsh is founder and MD of corporate advisory firm Rathaney Consulting and is Chairman of private health fund GMHBA Ltd
- Previous diverse industrial senior finance roles with Godfrey Hirst Australia and AG Coombs
View the full article highlighting SECOS’ rise in the bioplastics market here on Next Tech Stock.
The Board of sustainable and eco-friendly bioplastics developer SECOS Group Limited (ASX: SES) (Company) announces that it has received commitments in relation to a private placement to sophisticated and professional investors of 15,179,597 Shares at an issue price of $0.062 per share raising approximately $1.2 million (Placement). Placement to be issued under ASX Listing Rule…
The Board of sustainable and eco-friendly bioplastics developer SECOS Group Limited (ASX: SES, “the Company”) announces that it is undertaking a strategic review of its wholly owned subsidiary, Stellar Films Australia (SFA), and SFA’s Australian cast film manufacturing assets (“Strategic Review”).
Chinese and Australian Officials Visit SECOS’ Chinese Operations in Show of Support For Bioplastics Producer
- Chinese and Australian key government stakeholders visit SECOS’ environmental bioplastics operations in Nanjing, China in a sign of support for the Group’s operations.
- SECOS’ recently appointed General Manager of Chinese operations, Mr Leo Lu, sees opportunities for further growth and investment with the Nanjing plant now running at high capacity utilisation.
- SECOS’ Chinese operations are key to the Company’s corporate strategy in meeting ongoing growth in international demand for compostable and biodegradable plastics.
The Board of sustainable and eco-friendly bioplastics developer SECOS Group Limited (ASX: SES, “the Company”) is pleased to announce that its new Malaysian resin plant has successfully gone live on 31 July 2018.