GP Batteries unit awarded land tender in China

GP Batteries International's subsidiary Zhongyin (Ningbo) Battery Co (ZYNB) has been awarded the tender for a plot of land in the Jiangbei district, Ningbo for a bid of 122.6 million yuan (about S$24.8 million).

The amount of the bid bond is 24.53 million yuan, it said in a release to Singapore Exchange on Wednesday.

The site, which spans a land area of 131,838 square metres, has a building height limit of 24 metres, a building density of under 50 per cent and a building volume ratio of 1-1.5.

ZYNB has been granted the right to use the land for industrial purposes for a period of 50 years.

As part of restructuring efforts, ZYNB Group intends to construct factory buildings on the land to transfer and expand its existing operations.

The acquisition will be financed by the ZYNB Group's internal resources and bank borrowings.