GARMENT maker Tlway Texco Sdn Bhd (TTSB) plans to set up a Malaysian-based Asian Cotton
Exchange (ACE), an international electronic market for investors to trade physical "SPOT" otton contracts
May 4, 2007 (Press Release) --
CEO K. Ramamurthi said TTSB is in discussions ith
the Uzbekistan Commodity Exchange and the Ministry of Foreign Economic Affairs of Uzbekistan on the parameters of collaboration.
“The return of investment from the ACE is expected to be more than 600 per cent, targeting a profit before tax of RM10 million in the first year of operation, and a turnover reaching
RM1 billion by the fifth year,” Ramamurthi said.
Ramamurthi told Business Times in Kuala Lumpur that TTSB has formalised MOUs with two Uzbekistan companies into contracts. The contracts are for TTSB to expand its textile-making business in Uzbekistan and for it to secure rights to import or trade cotton fibre from Uzbekistan.He said TTSB also plans to tie up with government-owned Dubai Multi- Commodity Centre, a one- stop Multi- Commodity Exchange centre, with electronic warehousing receipts and
Islamic Banking. This partnership would help it to cater to its customers in UK, France and China. Malaysia has extended trade lines to
the National Bank of Uzbekistan via EXIM Bank Malaysia Bhd, amounting to US$20 million (RM68 million). Ramamurthi said apart from local
bankers, TTSB has met with leading French bankers which has existing trade lines extended
to Uzbekistan of approximately e100 million (RM467 million), to discuss the possibilities of forging synergies to complement the ACE.
ACE will complement and enhance the traditional cotton fibre trading by improving cross-border transactions, increased risk mitigation for both
ultimate buyers and sellers, and real time pricing.
the Uzbekistan Commodity Exchange and the Ministry of Foreign Economic Affairs of Uzbekistan on the parameters of collaboration.
“The return of investment from the ACE is expected to be more than 600 per cent, targeting a profit before tax of RM10 million in the first year of operation, and a turnover reaching
RM1 billion by the fifth year,” Ramamurthi said.
Ramamurthi told Business Times in Kuala Lumpur that TTSB has formalised MOUs with two Uzbekistan companies into contracts. The contracts are for TTSB to expand its textile-making business in Uzbekistan and for it to secure rights to import or trade cotton fibre from Uzbekistan.He said TTSB also plans to tie up with government-owned Dubai Multi- Commodity Centre, a one- stop Multi- Commodity Exchange centre, with electronic warehousing receipts and
Islamic Banking. This partnership would help it to cater to its customers in UK, France and China. Malaysia has extended trade lines to
the National Bank of Uzbekistan via EXIM Bank Malaysia Bhd, amounting to US$20 million (RM68 million). Ramamurthi said apart from local
bankers, TTSB has met with leading French bankers which has existing trade lines extended
to Uzbekistan of approximately e100 million (RM467 million), to discuss the possibilities of forging synergies to complement the ACE.
ACE will complement and enhance the traditional cotton fibre trading by improving cross-border transactions, increased risk mitigation for both
ultimate buyers and sellers, and real time pricing.
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