Ye Chiu to Set Up a New Malaysian Company for 218,800-tpy Secondary Aluminium Alloy Project

SHANGHAI, Aug. 1 (SMM) - Ye Chiu Metal Recycling plans to set up a new subsidiary company in Malaysia to take advantage of the Southeast Asia country’s preferential tax policies for its 218,800-tpy secondary aluminium alloy project.

Ye Chiu, which is Asia’s largest secondary aluminium producer, will set up Ye Chiu Nonferrous Metal (M) Sdn. Bhd. to preside over the construction of the secondary aluminium alloy project, the company told Shanghai Stock Exchange today.

The project, approved by shareholders in 2012, used to be executed by another existing subsidiary Ye Chiu Metal Smelting Sdn Bhd.

According to Malaysian government’s tax policies, newly-established companies can have income tax deducted for either 60% of its initial investment or 60% of follow-up investment in the next 15 years after 36 months of putting their project on stream.

Apart from this 218,800-tpy secondary aluminium alloy plant in Malaysia, Ye Chiu is also planning a 273,600-tpy plant with location yet to be confirmed, it said earlier.