During the half-year period, Straits Real Estate or SRE acquired two office buildings in Docklands, Melbourne, and four retail warehouse parks in the United Kingdom. SRE is also in the closing stages of acquiring a portfolio of office, industrial buildings and several plots of development land in Gloucester Business Park in Gloucestershire, England.
Supported by higher average tin prices, Straits Trading’s 52% owned subsidiary, Malaysia Smelting Corporation Berhad (MSC), reported a 3.8-fold increase in PATNCI to $17.4 million in 1H2022. Average tin price increased 52% from RM111,5001 per metric tonne in 1H2021 to RM169,7001 per metric tonne in 1H2022. MSC’s new Pulau Indah Plant, which utilises more efficient technology, targets to achieve full operational capacity in 4Q2022. The plant is expected to perform at higher efficiency, lower operational and manpower costs, while reducing its overall carbon footprint.
Straits Trading closed at $3.02 on Aug 11, down 8.4% this year.
