Industrial Asphalts enters into MoU with Singapore firm
- MoU to facilitate exploration into bitumen business opportunities
Industrial Asphalts (Ceylon) PLC (ASPH) has, by a corporate disclosure dated 13 October, announced that it has entered into a Memorandum of Understanding (MoU) with Hiin Holdings Pte. Ltd. of Singapore.
Under the MoU, ASPH and Hiin Holdings will seek to work together in studying and understanding the current and future business opportunities in the bitumen space encompassing Sri Lanka and the South Asian region.
According to ASPH, this MoU shall enable the creation of the required platform to explore the possibility of establishing a joint venture (JV) company.
ASPH is engaged in the manufacture and distribution of bituminous products and distribution of a specialist range of surface coatings and industrial chemicals. However, ASPH observed an 82.6% year-over-year (YoY) decrease in revenue from its bitumen segment during the financial year ended 31 March 2021 as a consequence of the challenging business landscape due to Covid-19.
Hiin Holdings is East Asia’s leading asphalt and fuel supplier and logistics provider. Hiin Holding’s capabilities are enforced through a fully integrated supply chain that synergises strong business networks with a comprehensive suite of logistical capabilities that includes their fleet of asphalt and fuel tankers, in-land oil terminals, and other in-land distribution
This enables Hiin Holdings to support complex and large-scale shipments, especially those in the most remote locations. Established in 1970, Hiin Holdings is a four-time winner of the prestigious Enterprise 50 Awards in Singapore.
ASPH further assured that it will keep the market duly informed in the event the JV agreement is being executed with Hiin Holdings.