Frontken's Unit To Acquire Industrial Land, Factory Buildings For RM118 Mln

KUALA LUMPUR, Sept 15 (Bernama) -- Frontken Corporation Bhd’s (FCB) major subsidiary Ares Green Technology Corporation (AGTC) is acquiring industrial land and the factory buildings erected thereon from Ginwin Technology Co Ltd for RM118.16 million cash.

In a filing with Bursa Malaysia today, FCB said ACTC has bid for the property, which has a land area of approximately 16,172 square metres and comprises seven existing factory building blocks with an aggregate floor area of approximately 12,611 square metres, located in the Tainan Xinying Industrial Zone, Taiwan.

It said the acquisition is in line with the company’s long-term strategy to support the expansion of AGTC’s operations and future capacity requirements.

“The acquisition is expected to provide AGTC with greater flexibility in planning for its expected future operational requirements and optimising the use of the property in line with its business requirements as guided by its customers.

“Given the limited availability of suitable industrial land within close proximity to AGTC’s existing P1 facility, the acquisition is expected to support AGTC’s continued business growth over the medium to long term,” it added.

-- BERNAMA