PRESS STATEMENT / SIARAN AKHBAR
(FOR IMMEDIATE RELEASE)
ENCORP EXPANDS INTO MINING VIA SILICA MINING
Friday, 30 September 2022, Selangor – Encorp Berhad (ENCORP) today announced that its wholly-owned subsidiary, Encorp Construction & Engineering Sdn Bhd (ECESB), has entered into a Distribution Agreement (Agreement) with LMC Mining Sdn Bhd (LMC) to undertake the distribution of silica on a 97.7-acre land in Kinta, Perak and 100-acre land in Kuantan, Pahang.
A key element of the Agreement is that LMC has the rights to mine the silica at two contract areas and ENCORP is granted with the rights to distribute all silica produced from the contract areas worth over RM50 million. The mining operation is expected to commence in the first quarter of 2023. Both locations shall operate for a period of 24 months and the mining rehabilitation work will be implemented simultaneously within the operational period.
The Agreement was signed between Encik Hazurin bin Harun, the Group Chief Executive Officer of ENCORP and Kenny Lee Chan Oon, the Executive Director of LMC. Also present to witness the signing of the Agreement this morning at Encorp Berhad were Tuan Haji Sr. Mohd Ali bin Abd Karim, the Chairman of ENCORP and YBhg Dato’ Edmond Lee, the Managing Director of LMC.
Commenting on the Agreement, Group Chief Executive Officer of ENCORP, Encik Hazurin Bin Harun said, “ENCORP’s entry into the Agreement, serves as a platform for ENCORP to venture into the mining industry specifically silica mining. ENCORP’s venture into mining is part of our efforts to diversify its income from its property development base and tap into an industry with a huge future potential.”
“We are delighted to be working with LMC who has the technical capabilities and experience in this industry and will help ENCORP accelerate the pace at which we conduct our operation, maximise overall efficiencies and achieve ultimate profitability,” he added.
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About Encorp Berhad (ENCORP)
Listed on the Main Market of Bursa Malaysia in 2002 (Ticker: ENCORP/6076), ENCORP is principally an investment-holding company. The Group is currently involved in three core businesses – property development, property investment and construction. For more information, visit encorp.com.my.
For more information, please contact:
Encorp Berhad (ENCORP)
Muhammad Arif Bin Abdul Kahar
Executive, Corporate Communications
Tel: 03-6286 7789 / 012 934 1939
Fax: 03-6286 7799