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).
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Reddit gains after strong sales in first report since IPO
OpenAI inks licensing deal with People magazine publisher
Apple unveils new AI-focused chip in upgraded iPad Pro models
DBS CEO Piyush Gupta sells S$2.7 million worth of bank shares
Disney's surprise streaming entertainment profit offset by weaker TV business
Geely, Foretellix partner to jump-start self driving car development