CBI AGM27 Jul 2009 10:35
Company China Biodiesel International Hold
TIDM CBI
Headline AGM results and trading update
Released 09:53 03-Jun-09
Number 2778T09
China Biodiesel International Holding Co., Ltd.
AGM results and trading update
The board of directors of China Biodiesel International Holding Co., Ltd.(AIM : CBI) ("CBI" or "the Company") is pleased to announce that all the resolutions proposed were duly passed at the annual general meeting of the Company ("AGM") held earlier today.
At the AGM the Chairman of the Company, Huodong Ye, made the following statement:
"The challenges faced by the Company in 2008 resulting from the international financial crisis have continued into 2009. However we are pleased to report that shipments have started to rise since March. Production at the Longyan plant has returned to the average level of 2008 and the Xiamen plant was reopened in April. Both plants focus on the production of BII, which is used as a substitute for petrochemical material and thus has a higher added value over normal biodiesel fuel. The total shipment for the first four months of 2009 was 7,601 tons, this compares to 8,010 tons shipped during the first four months of 2008.
The board has seen a recent rises in the price of feedstock which has been passed through to customers through increased selling prices. We continue to focus on maintaining margins through cost control and secured feedstock supply.
Overall, the board