Logs returned, so Priceworth to resume ops
Published on: Friday, March 15, 2019
KOTA KINABALU: Priceworth International Bhd expects to restart operations at its plywood mill in Sandakan soon, having secured the return of about 11,000 cubic metres of logs from the Sabah Forestry Department (SFD).
“We will be able to restart operations at Sinora’s plywood mill in Sandakan with the return of these logs, while we continue working on the completion of our acquisition of FMU5,” said Priceworth Executive Director Richard Koo.
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The timber and forest plantation group said it has agreed to pay the royalty, premium, conservation fee and related costs for a total of 11,098.78 cubic metres of logs.
“We would like to take this opportunity to thank the Sabah State Government and the Sabah Forestry Department for allowing us to pay by 11 instalments in two months from the date of their letter,” he said.
“Meanwhile, we will continue to engage with the Sabah Forestry Department on resuming harvesting operations at FMU 5,” added Koo.
“With the resumption of harvesting, we would be able to focus on supporting the state government’s policy of encouraging more high-value downstream industries,” he said.
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Priceworth is working on expanding its downstream operations with a new line for the production of container flooring.
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Priceworth halted harvesting operations in July 2018 following inspections by the Sabah state government’s Special Task Force.
