Ge-Shen buys warehouse from Tiong Nam for RM9.5mBy Tan Siew Mung / theedgemarkets.com | July 19, 2016 : 7:13 PM MYT
KUALA LUMPUR (July 19): Ge-Shen Corp Bhd is acquiring a property from Tiong Nam Logistics Holdings Bhd for RM9.5 million, to expand its manufacturing plant.
The manufacturer of high precision plastic components told Bursa Malaysia today that its wholly-owned subsidiary, Ge-Shen Plastic (M) Sdn Bhd, is acquiring the property from Tiong Nam’s wholly-owned subsidiary, Tiong Nam Logistics Solutions Sdn Bhd.
The property is a double-storey detached warehouse, with an annexed three storey office and other ancillary buildings located in Tebrau, Johor Bahru.
“The property is strategically located, directly behind the existing manufacturing facilities of the company, therefore allowing for immediate expansion within the same vicinity. This further allows the company to scale up its revenues, while maintaining efficient or optimal production planning and processes, without replicating many overhead cost,” said Ge-Shen.
“It is expected to contribute positively to the long term future earnings and earnings per share of Ge-Shen,” it added.
Ge-Shen’s share price fell two sen to RM1.71 today, while Tiong Nam dropped four sen to RM1.60.
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