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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Jarlway | LSE:JWY | London | Ordinary Share | GB00B09JC675 | ORD 0.25P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.375 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
Jarlway July 18, 2005. Jarlway Holdings plc ("the Company"), the holding company for Jarlway Machinery Inc. ("Jarlway"), one of China's largest concrete pump manufacturers, announces that dealings in its ordinary shares have today commenced on AIM, a market operated by the London Stock Exchange. The Company's ticker symbol is "JWY". 4,166,667 new Ordinary Shares have been issued in the Placing at the Placing Price of 30p per share. A further 246,666 new Ordinary Shares have been issued as part settlement of adviser fees and commissions. The Placing Shares represent 17.1% of the enlarged share capital. On Admission, the Company will have 24,413,333 ordinary shares in issue and a market capitalisation at the Placing Price of £7.3 million. The definitions of the terms used in this announcement are included in the Admission document, which was published today and is available at the offices of Nabarro Wells & Co Limited, Saddlers House, Gutter Lane, Cheapside, London, EC2V 6HS. For further information, please contact: Jarlway Holdings plc Shared Value Limited KM Wong Alex Dee / Nicolas Duperrier Tel: +852 9094 5465 Investor & Media relations Tel. +44 (0) 20 7321 5010 Nabarro Wells & Co. Limited Robert Lo Tel: +44 (0) 20 7710 7400 NOTES TO EDITORS Company Overview Jarlway assembles concrete pumping systems, which are generally used in large scale construction projects, under processes that have been certificated to standards similar to ISO9001. Each pump system comprises a feeder skip, electric control system, hydraulic system, motor, valves and piping and all pumps are fitted with Jarlway's patented programmable logic controller. The product line has historically consisted of two series of concrete pumps that are respectively electrically and diesel powered and which are available in a variety of different models to suit differing customer requirements. Jarlway's current range of pumps variously have a maximum feeding volume of between 60 and 140 cubic metres of concrete per hour, are capable of achieving maximum vertical feeds of between 270 and 350 metres and a horizontal feeding distance of between 1,300 and 1,600 metres. Line pumps have great mobility advantages over trailer pumps because they are already truck mounted and thus transportation costs are reduced. No heavy lifting equipment is needed to load the pump onto a lorry, nor does the 8 kilometre per hour road speed limit applicable to trailer pumps apply. The time required to relocate a line pump to different locations is significantly less than that required for a trailer pump, making the line pump particularly suitable for customers who need frequent pumping of concrete at different sites. Ready mixed concrete suppliers (concrete mixing plants) and concrete machine leasing companies are typical examples of such customers. In addition to the features of the line pump, boom pumps also possess a ''boom'', or pre-installed ducting. This reduces time and related costs in connecting and disconnecting ducting before and after concrete pumping and is most suitable for use at sites whose environment inhibits the connecting of ducting such as urban roads with busy traffic, sewage and drainage systems, pedestrian footbridges and tunnels. The boom pump has a pumping rate of up to 140 to 180 cubic metres of concrete an hour. The Directors believe that the boom pump is capable of performing the same amount of work done by five trailer pumps. The Directors believe that Jarlway products are developing a reputation for reliability and believe that this is attributable to the substantial use of components sourced from international suppliers such as Schneider of France, Mitsubishi and Panasonic of Japan, Rexroth of Germany, Galtech of Italy and Esso of the US. In addition, Jarlway PRC's patented programmable logic controller (which controls lubrication, ensuring that concrete is not degraded by grease contamination) increases the reliability of Jarlway PRC's products. This is critical to minimise potentially costly delays in construction projects. In 2004, Jarlway PRC was awarded a ''Zero Defect'' user title by Rexroth. Jarlway's products have been widely used in construction projects in China. In Shanghai, nine trailer pumps from Jarlway were used in the construction of the 31 kilometre Donghai Bridge. Jarlway pumps were also used for the sealing of the top floor of the super-structure for the Ganghui Plaza, at 230 metres high the tallest twin towers in China. Jarlway's products benefit from patented design and technology, and are sold and serviced through Jarlway's 27 sales offices around China. Market Potential and Positioning The Chinese economy has been experiencing significant growth over several years with an average GDP growth of 8.1 per cent per annum during the period January 1998 through December 2004. The Directors believe that large scale infrastructure and urban development projects such as the Three Gorges Project (the damming of the Yangtse river), new inter provincial highways and massive infrastructure developments in major cities have partially contributed to this economic growth. The Directors expect China's economic growth to continue to be fuelled over the medium term by large scale development projects including those for the 2008 Beijing Olympic Games, the 2010 Guangzhou Asian Games and the 2010 Shanghai World Expo. The PRC Minister of Construction, Mr. Wang Guangtao, has been reported as stating that the total gross floor area in the PRC is expected to increase from 40 billion square metres in 2005 to 70 billion square metres by 2020. The Directors believe these projects will lead to increasing consumption of concrete and use of concrete machinery. The Chinese Government has adopted a number of policies and directives to regulate the concrete industry and in 2002 published the ''Tenth Five-Year Development Plan for the Cement Industry'' (the ''Plan''), which included an initiative to ban on-site concrete mixing from 2006 onwards, having already been banned in 162 major cities from 2004. The Directors believe this should increase the production volume of ready-mix concrete with the Plan targeting a usage of 300 million cubic metres by the end of 2005 compared to the circa 200 million produced in 2003. Delivery of ready-mixed concrete to site will necessitate the use of concrete pumps in order to lay the concrete before solidification. There are believed to be in excess of 200 concrete pump machinery manufacturers in China with the market dominated by two publicly traded enterprises, Sany Heavy Industry Limited Company and Changsha Zoomlion Heavy Industry & Science Co., Ltd. who between them are believed to comprise some 30 per cent of the concrete pump machinery market. The Directors believe Jarlway has, in the three year period since its incorporation, built up a market share of approximately 8 per cent in the domestic market, driven by its reputation for product reliability, its competitive pricing policy and provision of a dedicated pre-sales consultation and after-sales service. Future Strategy During its first three years of operation, Jarlway concentrated on penetrating the market and brand building. The Directors believe that the ''Jarlway'' brand is now well received and recognized and they estimate Jarlway to be one of the largest concrete pump manufacturers in China in terms of number of machines sold. In 2004, Jarlway generated £6.35 million in turnover and an operating profit before interest and tax of £1.53 million. In the coming three years, the Company's target is to become the second largest player in the domestic market and to widen its customer base by supplying into overseas markets. Jarlway intends to launch a greater variety of products to cater for the different demands of the market. The Directors believe that demand for line pumps and boom pumps in China will grow and the Company intends to assign more resources to the further development and marketing of Jarlway's line pumps and boom pumps over the next three years. Jarlway will also concentrate on enhancing the quality and functionality of its first generation products. Its next generation of trailer pumps is expected to achieve a continuous operational life of pumping 50,000 cubic metres of concrete before major repair or replacement is required. Jarlway will also continue to emphasize the quality of its services, both in terms of pre-sale consultation and after sales service, and to further strengthen its distribution network in the domestic market. The Directors believe this strategy will give Jarlway the competitiveness necessary to supply into overseas markets and become one of the leading players in the local market. Jarlway Machinery Inc. ("Jarlway") is one of the largest concrete pump manufacturers in the People's Republic of China. Jarlway is engaged in the development and sale of large-scale construction machinery including trailer concrete pumps, truck mounted concrete line pumps and concrete boom pumps and concrete mixing stations. Jarlway utilizes patented and reliable technology supported by a network of 27 regional sales and service stations throughout most of China. Jarlway's products are assembled under processes that have been certificated to standards similar to ISO9001. More information about Jarlway Holdings plc and its products can be found on line at www.jarlway.com
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