Chinese and Australian Officials Visit SECOS’ Chinese Operations in Show of Support For Bioplastics Producer

Highlights:

  • 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.
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Update on Stellar Films Australian plant closure

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.

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CEO Appointment and Corporate Costs Reduction

Highlights:

  • 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
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SECOS completes strategic review, resolves to cease its Australian film manufacturing operations

Highlights:

  • 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.
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SECOS appoints Jim Walsh as Non-Executive Director

Highlights:

  • 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
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SECOS appoints COO to strengthen global operations focus

Highlights:

  • SECOS appoints internationally experienced executive Ian Stacey as Chief Operations Officer
  • Mr Stacey brings a record of adding shareholder value, as well as a proven ability to drive sustainable growth
  • Appointment to assist in driving growth in global sales of bioplastic resin from new Malaysian resin plant and in optimizing group productivity and efficiency
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$4 million Capital Placement and Non-Renounceable Rights Issue

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…

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