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Settled around the 5c mark.SECOS DIVESTS TRADITIONAL PLASTIC ASSETS• SECOS to exit low margin traditional plastic market to focus entirely on sustainable packaging• Traditional plastic assets sold to ADVENT for RM$0.6m (approximately AUD$0.2m) and will also unlock approximately AUD$2.0m of working capital• SECOS enters into an exclusive manufacturing supply agreement with ADVENT for the supply of MyEcoWorld™ compostable pallet wrap and bio-packaging films• ADVENT, a packaging manufacturer based in Malaysia, will manufacture SECOS’ MyEcoWorld™ compostable cast films using SECOS’ proprietary compostable resins • Provisions of approximately AUD$0.5m will be taken up to account for closure costs
Settled around the 5c mark.
SECOS DIVESTS TRADITIONAL PLASTIC ASSETS
• SECOS to exit low margin traditional plastic market to focus entirely on sustainable packaging
• Traditional plastic assets sold to ADVENT for RM$0.6m (approximately AUD$0.2m) and will also unlock approximately AUD$2.0m of working capital
• SECOS enters into an exclusive manufacturing supply agreement with ADVENT for the supply of MyEcoWorld™ compostable pallet wrap and bio-packaging films
• ADVENT, a packaging manufacturer based in Malaysia, will manufacture SECOS’ MyEcoWorld™ compostable cast films using SECOS’ proprietary compostable resins
• Provisions of approximately AUD$0.5m will be taken up to account for closure costs
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