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Highlight Inari Amertron to buy Penang land for RM22.8m

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Highlight Inari Amertron to buy Penang land for RM22.8m

Post by Cals Fri 19 Feb 2016, 03:36

Highlight

[size=28]Inari Amertron to buy Penang land for RM22.8m

By Ahmad Naqib Idris / theedgemarkets.com | February 18, 2016 : 7:21 PM MYT

KUALA LUMPUR (Feb 18): Inari Amertron Bhd plans to acquire a 5.25-acre piece of leasehold industrial land together with a factory building erected on it in Bayan Lepas Free Trade Zone, Penang, for RM22.8 million.

In a filing with Bursa Malaysia today, Inari said its wholly owned subsidiary Inari Technology Sdn Bhd had on Monday signed an agreement with Unetsys Sdn Bhd for the proposed acquisition.

The land is located within the vicinity of Inari's existing factories in Bayan Lepas and will increase the group's total manufacturing floor space. Inari intends to fund the purchase via a combination of internal funds and bank borrowings.

"The new manufacturing facilities in the property can be renovated, installed, modified, upgraded and enhanced as soon as practicable by Inari to cater for its existing businesses and expansion, and for new business expansion and opportunities," said the group.

Part of the land is leased to Tenaga Nasional Bhd for a period of 30 years, expiring on Jan 30, 2022.

Inari said the acquisition will not have any material impact on its share capital and net assets and earnings for the financial year ending June 30, 2016, but is expected to contribute positively to its future earnings.

Inari shares rose nine sen or 2.83% to close at RM3.27 today, bringing a market capitalisation of RM3.1 billion.
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Cals: Administrator; Posts : 25277 Credits : 57721 Reputation : 1766
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