Grand Venture acquires Penang manufacturing facility for RM13.5m

MAINBOARD-LISTED Grand Venture Technology has acquired a manufacturing facility in Penang for RM13.5 million (S$4.4 million), with the aim of creating an integrated hub in Malaysia.

The company, which provides solutions for complex precision machining and sheet metal components, expects growth in demand from the semiconductor industry. This is its third facility acquisition in Malaysia in the past 2 years. The purchase price will be funded via internal resources and bank borrowings.

Located at the Penang Science Park, the 2-storey, 49,000 sq ft facility is located between 2 other facilities previously acquired by Grand Venture, in February 2020 and March 2021 respectively. It is also down the road from Grand Venture's first factory in Malaysia.

"Having the facilities located next to one another is an added advantage as it enables us to scale up our production activities in an efficient manner," said Grand Venture executive chairman Ricky Lee.

The facilities will form a 350,000 sq ft integrated manufacturing hub, with a complete range of precision machining, sheet metal fabrication, complex assembly and testing services, as well as cleanroom facilities, for the manufacture of semiconductor OEM (original equipment manufacturer) equipment.

Shares of Grand Venture closed flat at S$1.19 on Wednesday (Jan 5).