Potential new ventures
Rex International Holding believes that oil will continue to be a demanded commodity for a long time to come. However, the Group recognises that the general trend is to move from fossil fuel towards sustainable energy.
In 2019, Rex International Holding shareholders gave a resounding 99.79% approval to the Group's proposed diversification into new businesses in:
- Sustainable Energy
- Production and supply of innovative and sustainable solutions which include but are not limited to the reprocessing of materials used in various industries such as the packaging and automotive industries.
- Development, ownership or acquisition of related technology
The Group will update the market as and when there are material developments to these proposed new businesses.
Examples of sustainable energy sources
- Biomass
- Biofuels
- Hydropower
- Geothermal
- Wind
- Solar
- Innovative physics
Example of solution for materials
The Group's proposed new business in Sustainable Solutions for Materials takes inspiration from Sweden, a country that practises a circular economy or a cradle-to-cradle approach, that involves using products that can be reused completely. According to the Swedish Waste Management Association, Swedish EPA, 99% of all household waste in Sweden is recycled in different ways, while 50% is burnt to produce energy. The deposit system, where people get their money back for empty cans and bottles, has been in place since 1984 for aluminium cans, and since 1994 for plastic bottles.