Media Release For Immediate Release

Barama Imports Quality Plywood to Support Local Demand
(LAND OF CANAAN, 4 December 2010) - Barama Company Limited (“Barama”) has promptly responded to fill the supply gap of plywood in the local market by importing quality plywood. The first shipment of approximately 1,016 cubic meter (562 crates) of plywood arrived at the Barama Jetty today and is expected to meet local market demand for at least two months. The company decided to procure imported plywood after the shutdown of its plywood factory which affected the supply of plywood to local markets. Plywood has continued to be in high demand because of its versatility, competitive pricing and the Government of Guyana’s ongoing low cost housing ownership drive. Barama is making every effort to supply plywood at a lower price to local distributors, and has applied for exemption of import duty and VAT to minimise cost. However, several factors have adversely impacted the final price, including high import prices, import duties, freight and handling cost. Barama’s CEO, Clement Ooi, said, “The Company’s effort in importing plywood is in line with our immediate plans to mitigate the shortage in plywood supply. As communicated to the Government on 8 November, we are concentrating our efforts to implement a medium-term plan to commence plywood manufacturing by end of June 2011, with the aim of restoring our plywood production capacity to normal levels by the end of December 2011.” With increased demand resulting in the steep price increases of local plywood, Barama appeals to all distributors to be fair and responsible in their pricing and not transfer the high costs to local consumers. In addition, the company urges the relevant authorities to monitor the quality of imported plywood that is allowed to enter the local market. “We would like to thank our stakeholders for their understanding and support as we move forward during this crisis. Barama remains committed to restoring our plywood manufacturing in the best interest of our business and our stakeholders.” Media contact: Mohindra Chand Head of Corporate Affairs & Forest Planning Barama Company Limited – END –

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