By TMR / Pic by TMR GRAPHIC
QES Group Bhd’s subsidiary, QES Mechatronic Sdn. Bhd. has entered into a conditional sale and purchase agreement with Penang Development Corporation to acquire an 87,120 square feet industrial land at the Batu Kawan Industrial Park, Seberang Perai, Penang.
In a statement today the company said the Land will be acquired for a total cash consideration of RM4.7 mil to be funded either via internally generated funds and/or bank borrowings.
The purchase consideration was based on the value of land within the Batu Kawan Industrial Park vicinity at RM55 per square foot.
The acquisition is conditional upon QES obtaining the alienation approval and consent of the state authority of Penang and the issuance of a document title in respect of the Land for a leasehold period of 60 years.
The acquisition is expected to be completed within 6 months from the date of the SPA
“We intend to use this land for expansion of both our manufacturing and distribution divisions.
“It will also complement both our joint ventures with Applied Engineering Inc. (USA) and our existing business unit in Penang where we are currently focusing on Industrial Revolution 4.0 and smart manufacturing solutions,” said Managing Director and President of QES Group Chew Ne Weng.
He added, the semiconductor industry continues to look bright which was evident in sustained demand for its products.
“We are working hard to ensure we meet the stream of orders. Exciting times are ahead as we aim to launch our new products and push forward with our plans to become a leading manufacturer of automated test equipment in Asia, Europe and the USA,” said Chew.