Miyoshi Limited to acquire industrial property in Philippines
PRECISION engineering firm Miyoshi Limited's subsidiaries have entered into an option to acquire an industrial property in the Philippines for an aggregate consideration of 125 million pesos (about S$3.43 million), the group said in a Singapore Exchange filing on Thursday.
The freehold property has a gross floor area of about 13,600 sq m located in the Daiichi Industrial Park Special Economic Zone. It is comprised of an existing double-storey factory with ancillary office and a single-storey warehouse building. The purchase will be funded by bank borrowings and internal resources.
The group said the acquisition is to leverage on the continued growth of the Philippines economy to increase existing production capacity or to rent out when the opportunities arise, and to explore new growth opportunities in the Philippines, particularly in support of the group's light electric vehicle business.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Air China to buy 100 locally made C919 jets in US$11 billion deal
HCA beats first-quarter profit estimates on higher patient admissions
F&B operator YKGI to exclusively operate Chicha San Chen in Macau for next eight years
LMIRT Q1 net property income dips 3.1% to S$30 million on higher expenses
Exxon misses on Q1 profit despite big gains in Guyana
US FDA approves Pfizer’s gene therapy for rare bleeding disorder