CONNECT (0102) - Selling Rapid Conn At Price RM 70Million.

CONNECT (0102) - Selling Rapid Conn At Price RM 70Million.

CORPORATE BACKGROUND

Rapid Conn Group came from humble beginnings more than 20 years ago. We started as an R&D Design House, specialising in the design and customising of cables and connectors.

A small sales office was set up in Singapore. That was 1994. A year later, Rapid Conn acquired NS Hollingsworth, together with its 50,000 sq ft manufacturing facilities. The staff strength of 80 comprised of experienced R&D Engineers, sales team, warehousing and logistics personnel as well as production workers. With this move, Rapid Conn was poised to service not only the growing Asia Pacific region, but also the mature markets of the Americas and Europe.

Soon after, China opened its doors to the world, offering it abundance of supply of raw materials for the manufacturing industries, at very attractive costs. In order to stay ahead of our competitors in the market, it was imperative for Rapid Conn to set up a Sourcing Office to tap onto cheaper manufacturing costs in China.

In year 2001, a major customer’s requirements led us to set up a 100,000 sq ft manufacturing facilities in Malacca, Malaysia. This move strengthened our foothold in Asia Pacific markets and closer to the major contract manufacturers based in Asia.

As business volumes and production demands increased, there was urgent need to expand our business operations. Hence, it was timely that we sought public listing in Malaysia to propel Rapid Conn’s business into the next important phase. In September 2005, Rapid Conn was listed under Parent Company – ConnectCounty Holdings Berhad on MESDAQ – a Technological Board in Malaysia Stock Market. MESDAQ was renamed ACE Market on September 2009.

Armed with the funding from the public listing, Rapid Conn embarked on a more aggressive move by setting up a 200,000 sq ft manufacturing facilities in China. By the end of 2006, all global manufacturing sites were relocated and centralised in our new Rapid Conn Shen Zhen manufacturing facilities.

With our expanding business volumes and the constant need to achieve costs advantages to stay competitive, Rapid Conn Shenzhen invested in a 33,000 sq ft manufacturing facility in Jiangxi, China in 2010. Most of the labour-intensive assembly lines were shifted to Rapid Conn Jiangxi, leaving Rapid Conn Shenzhen as the main facility, focusing on the more challenging assembly lines and continuous research into automation for production lines and hi-tech automated equipment.

In 2014, Rapid Conn divest Jiangxi’s operations to allow it to be autonomous and providing them the impetus to stay in the business through cost cutting measures.

To better manage our cable extrusion costs, Rapid Conn spun off our cable extrusion unit, naming it Rapid Conn Power. Rapid Conn Power aims to be a top notched specialist in cable extrusions. Hence, as a business unit, it is challenged to explore and streamline extrusion cost in order to achieve higher cost savings.

Market rumours that CONNECT (0102) getting offer from China company to buy Rapid Conn at price RM70Million. If it is true, CONNECT share price worth at least 25sen, since net cash per share will be 25sen. 

No wonder CONNECT share price keep rising from 10sen to 16.5sen. 

Anyone heard about this rumours ? Hope can sharing at here.

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CONNECT (0102) - Selling Rapid Conn At Price RM 70Million.
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