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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.