ANN JOO Metal Sdn Bhd, a stockist and trader of high grade steel products in Malaysia and Singapore, aims to grow its oil and gas (O&G) and shipbuilding businesses which contribute 25 per cent to its turnover.
“We intend to grow the businesses with strategies and an increase in manpower,” Lawrence Lim its trading division managing director said, here, recently.
Commenting on the effect of the impending Goods and Services Tax (GST) implementation on the Malaysian steel industry, Lim said only steel players with strong financial background will be able to record substantial growth due to the six per cent additional cost from the tax.
“The steel industry is a capital-intensive business. Only companies with sound financial status can see growth next year,” he added.
The company is involved in O&G projects, such as Kepodang Gas Development, Siakap North Petai oil fields, Pengerang Tank Terminal and TLP Malikai Deepwater Project.
Ann Joo Metal is featured as a returning exhibitor at the 20th Offshore Southeast Asia (OSEA) International Oil & Gas Industry Exhibition in Singapore, alongside 20 other Malaysian exhibitors.
“There is a 31 per cent increase in Malaysian participation this year compared with 2012, which adds up to 21 exhibitors in total. We are expecting 28,000 trade visitors from 45 countries this year,” said Singapore Exhibition Services deputy chief executive, Lindy Wee.
A total of 1,540 companies have registered as exhibitors for the O&G platform, which will take place from December 2 to December 5, at Marina Bay Sands.