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New Toyo
02-09-2019, 07:16 PM.
Post: #1411
RE: New Toyo
Cessation of Production at Sen Yang Enterprise Co., Ltd

New Toyo International Holdings Ltd announced that its subsidiary, Sen Yang Enterprise Co., Ltd (“Senyang”), will cease production of tissue paper by 15 September 2019 (“Proposed Cessation”). Senyang would however continue with the trading of tissue paper products.

Senyang leased a tissue paper mill in Xiamen, The People’s Republic of China and the operation has been incurring losses. Pursuant to a group strategic review amid global trade tensions, the Board does not expect the performance of Senyang to improve significantly in the near future. The Board believes that the non renewal of the lease for the tissue paper mill and cessation of the production of tissue paper is in the best interest of the Company.

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