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Wednesday, July 18, 2018

KPS indirect unit to buy Penang land for RM28mil

PROPERTY
Wednesday, 18 Jul 2018

“The land acquisition is the first step in executing our long-term value creation plan to accelerate CPIP’s high-growth phase. With the ever-growing demand in the global EMS industry, we certainly foresee an immense opportunity for CPIP to capture,” KPS chief executive officer Ahmad Fariz Hassan said in the statement.

PETALING JAYA: Kumpulan Perangsang Selangor Bhd s (KPS) indirect unit, CPI (Penang) Sdn Bhd (CPIP), will acquire a 4.5acre plot of land in Bayan Lepas Industrial Park, Penang, for RM27.7mil from the Penang Development Corp.

The land is planned for the construction of a new electronic manufacturing services (EMS) factory, the company said in a statement.

The company said that the new land was more than three times bigger than the 1.4acre parcel of land that currently houses its existing EMS facility.

Construction of the new factory is expected to commence in the first half of 2019, with a targeted completion in 2020, it said.

“The land acquisition is the first step in executing our long-term value creation plan to accelerate CPIP’s high-growth phase. With the ever-growing demand in the global EMS industry, we certainly foresee an immense opportunity for CPIP to capture,” KPS chief executive officer Ahmad Fariz Hassan said in the statement.

“By 2020, CPIP will be well-positioned to not only capture the anticipated future influx in demand, but also extend CPIP’s competitive edge across both the engineering thermoplastics (ETP) and EMS industries,” Ahmad Fariz added.

The land is located 500m from CPIP’s present ETP manufacturing division and approximately 2.5km from the existing EMS facility.

Read more at https://www.thestar.com.my/business/business-news/2018/07/18/kps-indirect-unit-to-buy-penang-land-for-rm28mil/#EQL7S6v8DHj8A2oQ.99

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