Malaysia“s Poly Glass Fibre (M) Bhd (PGF) says its operations are not expected to improve as yet, despite the Malaysian and regional economies showing signs of recovering, as there is a time lag in the recovery of the business environment in which the group is operating. The group posted a pre-tax loss of M$ 6.337 million for the year ended 28 February 1999 compared with a pre-tax profit of M$ 3.086 million in the corresponding period in 1998. Total turnover was M$ 26.304 million in 1999, down substantially from M$ 54.079 million in 1998. In reviewing its operations, the group said contribution from its glasswool plant in Penang is expected to improve in the current financial year with demand for the product in Malaysia and the Asean region increasing.

Austria“s Radex-Heraklith (RHI AG) said it had registered strong interest from investors in a planned increase of its nominal capital by Sch 600 million (US$ 45.6 million).
Major existing shareholde…

Austria“s Radex-Heraklith (RHI AG) said it had registered strong interest from investors in a planned increase of its nominal capital by Sch 600 million (US$ 45.6 million). Major existing shareholders as well as new investors have given “strong assurances” to buy three quarters of the new capital, said Peter Hofmann, spokesman for the industrial fire-proof and insulating materials maker. Offerings will be made in Vienna, Munich, Frankfurt and London, but RHI has not given a date. “The timetable is basically fixed, but details still need to be worked out and the whole matter naturally also depends on the market situation,” Hofmann said. Germany“s VIAG AG holds more than 10% of RHI“s stock while Austria“s Erste Bank AG controls more than 5%. Insurance group Generali Holding AG has less than 5%. The share price has rocketed more than 20% since 4 August, when RHI announced its intention to carry out a capital increase this autumn. Hofmann said he saw no strategic reasons behind the sharp rise in the share price in the past few weeks. “Trade has been given a boost by the new prospects that have emerged through the new management. I see no strategic investors behind this,” he said. The capital increase will help finance RHI“s Sch 3.9 billion takeover of Global Industrial Technologies Inc of the United States, agreed in July. Under the agreement with Global, financing has to be finished by 31 October.