China Ceramics enters into non-binding LOI with a Malaysian contractor
China Ceramics announced that the Company has entered into a non-binding letter of intent with a Malaysian contractor for the Company's ceramic tiles including its new 'cooling' ceramic tiles that it introduced in August of 2019. The Malaysian contractor intends to use the Company's ceramic tile products for use in high rise apartment buildings in the Q3 of 2020. The Company's anticipated entry into Malaysia is the first step of an expansion effort into Southeast Asia that is intended to capitalize upon the increased level of the region's new building construction which is due in part to China's Belt and Road Initiative. The new cooling ceramic tile series is designed as a stone pattern with a look of natural decor and luxury with richer patterns than organic stone materials. The Company is in the final stages of testing the new product and receiving its certification.