Riverstone acquires more land to ramp up production for cleanroom gloves

A WHOLLY-OWNED subsidiary of Riverstone Holdings has acquired a piece of industrial land in Malaysia for a total consideration of RM5 million (S$1.6 million) in a bid to expand the group's production capacity for cleanroom gloves and other operations.

The land acquired by the subsidiary, Riverstone Resources, spans about 6,741 square metres, and is in the Bukit Beruntung industrial area in Selangor, Malaysia.

The purchase consideration was arrived at on a willing buyer, willing seller basis after taking into account the market value of similar properties in that area. The acquisition will be funded by internal resources, said the group in a bourse filing on Tuesday.

The acquisition is not expected to have any material impact on the consolidated net tangible assets and earnings per share of the group for the current financial year ending Dec 31, 2021.

The firm said none of its directors or substantial shareholders has any interest in the acquisition, save for their shareholdings in Riverstone.

Shares of Riverstone ended Tuesday at S$1.50, up one Singapore cent or 0.7 per cent.