IEV

IEV: announces plan for biomass production in Vietnam, firming its entry into the Renewable Energy segment. IEV plans to construct its first plant to manufacture pellet forms of rice-husk biomass in the middle of the Mekong Delta (ie. the “Rice Bowl of Southern Vietnam”), with first pellet-production in 1H14. The Co aims to target the international market, starting with North Asian countries such as Taiwan and Korea for power generation and industrial use. The Co is currently in the process of finalising its plans in Vietnam and obtaining tenders for the construction of the plant in connection with the Biomass Project. Further updates will be made in due course. The stock trades at 3x P/B; P/E is not meaningful due to FY12 losses. IEV is +1.1% at $0.475.