KUALA LUMPUR: QES Group Bhd’s subsidiary QES Mechatronic Sdn Bhd has entered into a conditional sales and purchase agreement with Penang Development Corp to acquire an 87,120 sq ft tract at Batu Kawan Industrial Park in Penang for RM4.79mil cash.
It said in a statement that the purchase consideration, to be funded via internally generated funds or bank borrowings, was based on the industriaal park’s land value of RM55 psf.
The acquisition is expected to be completed within six months from the date of the agreement.
“We intend to use this land for expansion of both our manufacturing and distribution divisions.
” It will also complement both our joint venture 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 QES Group managing director and president Chew Ne Weng.
He added that there is a positive outlook for the semiconductor industry with sustained demand for QES products.
“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,” he said.
