Newly listed Hiap Huat Holdings plans expansion in Asia

Hiap Huat Holdings Bhd, which made its debut on the ACE Market of Bursa Malaysia on November 26, with a 62.5% premium, is set to expand its operations in the region to Myanmar, the Philippines, Vietnam and Indonesia.
Hiap Huat Chairman Zulkifly Zakaria said Malaysia’s only used oil recycler will use part of its RM17 million (US$5.5 million) listing proceeds to fund its expansion.
“There is growing demand for vehicles and machinery’s lubricant products due to the competitive pricing of recycled lubricants which can be a good substitute over pure lubricants,” he said.
Group Managing Director Chan Say Hwa is optimistic about the company’s outlook due to revenue contribution from its new plant in Pulau Indah, Selangor, by the first quarter of next year and later on in Sabah and Sarawak.
“We have confidence in the medium and medium-low market in line with our good third quarter results which may continue until next year,” Chan said. “All these strategic plans will continue to strengthen our position as one of the leading players in waste oil recycling and recycled oil production in Malaysia.”
The company made a net profit of RM2.2 million (US$717,798) in the third quarter, from revenues of RM9.8 million (US$3,197,460).