Riverstone buys industrial land to expand production dipping lines

RIVERSTONE Holdings, which manufactures cleanroom and healthcare gloves, has acquired a piece of industrial land located at Kamunting Industrial Estate, Mukim of Asam Kumbang, District of Larut & Matang in the state of Perak, Malaysia, it said on Monday.

Riverstone will pay a total of RM4.2 million (S$1.37 million) for the plot, which measures approximately 165,692 sq ft.

The acquisition of industrial land will support Riverstone's business expansion with the construction of new factories which will house additional production dipping lines, the group said.

The price was arrived at on a "willing buyer, willing seller" basis, taking into account the market value of similar properties in that area.

Riverstone shares fell 1.5 Singapore cents or 1.6 per cent to S$0.92 on Monday.