Aemulus, which designs and assemble automated test equipment and test and measurement instruments, said in a filing with Bursa Malaysia that it is buying 1.62 acres in the industrial park for RM9.93mil.

It had signed a sale and purchase agreement with the Penang Development Corp to buy the land, which works out to RM140 per sq ft.

This was based on the strategic location and prevailing market value of the same in the area surrounding the land.

With the new building, Aemulus said it could expand its R&D, attract and retent talents based on its strategic location, and enhance its supply chain management.

“Aemulus plans to invest RM25mil for the next three years in R&D in this project. The corporate office and design centre with built-up area of 50,000 sq ft are expected to be ready by December 2018,” it said.

It added that an area of 6,000 sq ft would be dedicated to its Leap-O-Pad programme.

“In line with Penang State@CAT objectives, the programme encompasses start-up accelerators, mentorship and the provision of laboratory and workspace,” it said.

Source: The Star

Tuesday, 24 January 2017