KUALA LUMPUR (Nov 2): Ta Win Holdings Bhd’s share price and volume rose in Tuesday Bursa Malaysia morning trade after the company said on Monday its wholly-owned subsidiary Ta Win Industries (M) Sdn Bhd had entered into a sales contract with POSCO International Corp to exclusively supply copper rods and wires besides other copper-related products to copper foil manufacturers based in South Korea, including all their overseas production plants through POSCO International.
At 10am on Tuesday, Ta Win Holdings' share price was unchanged at 15.5 sen after rising as much as one sen or 6.45% to 16.5 sen earlier. The stock saw some 70 million shares transacted.
At 15.5 sen, Ta Win Holdings has a market value of about RM528.55 million based on the company’s 3.41 billion issued shares.
Year-to-date, Ta Win Holdings' share price had risen to current levels from its closing price of five sen on Jan 4, 2021.
On Monday, Ta Win Holdings said in a Bursa filing that the exclusive sales contract becomes effective upon execution by the parties and continues to be in force for three years from Jan 1, 2022 to Dec 31, 2024.
Ta Win Holdings said the contract will be automatically extended for successive periods of one year without written notice, unless either party expressly requests termination of the contract no later than six months prior to expiration of the then current period.
"Ta Win Industries supplies copper rods and wires, which are the raw materials of copper foil that is widely used as a substrate (current collector) of anode materials coating in EV (electric vehicle) battery.
"By executing the exclusive sales contract, Ta Win Industries will supply the products to South Korea-based copper foil manufacturers (including their overseas production plants) through POSCO (International) for three years starting from Jan 1, 2022 to Dec 31, 2024 by leveraging on the POSCO group’s extensive network in the EV battery components/material sector,” Ta Win Holdings said.