{"id":39878,"date":"2021-06-01T16:42:26","date_gmt":"2021-06-01T08:42:26","guid":{"rendered":"https:\/\/investpenang.gov.my\/vitrox-unit-buys-land-worth-rm49m-from-penang-development-corporation\/"},"modified":"2025-11-28T15:08:08","modified_gmt":"2025-11-28T07:08:08","slug":"vitrox-unit-buys-land-worth-rm49m-from-penang-development-corporation","status":"publish","type":"post","link":"https:\/\/investpenang.gov.my\/zh-hans\/vitrox-unit-buys-land-worth-rm49m-from-penang-development-corporation\/","title":{"rendered":"Vitrox Unit Buys Land Worth RM49m from Penang Development Corporation"},"content":{"rendered":"

[vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” el_class=”sec-inner-banner” css=”.vc_custom_1703741584745{background-image: url(https:\/\/investpenang.gov.my\/wp-content\/uploads\/2023\/12\/contact-banner-bg.jpg?id=20253) !important;}” z_index=””][vc_column][vc_row_inner row_type=”row” type=”grid” text_align=”left” css_animation=”” el_class=”inner-banner-row”][vc_column_inner][vc_column_text]<\/p>\n

Vitrox Unit Buys Land Worth RM49m from Penang Development Corporation<\/h1>\n

[\/vc_column_text][vc_separator type=”normal” el_class=”red-separator” color=”#ee4023″ transparency=”1″ thickness=”2″ up=”15″ down=”15″][vc_column_text css=”” el_class=”white-text”]<\/p>\n

31 May 2021<\/p>\n

[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][\/vc_column][\/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”grid” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” css=”.vc_custom_1703764846254{background-color: #f3f5f8 !important;}” z_index=””][vc_column el_class=”fade-in animate”][vc_empty_space height=”120px” el_class=”height-x120″][vc_row_inner row_type=”row” type=”grid” text_align=”left” css_animation=””][vc_column_inner][vc_single_image image=”29722″ img_size=”full” qode_css_animation=”” el_class=”single-featured-image”][\/vc_column_inner][\/vc_row_inner][vc_empty_space height=”60px” el_class=”height-x60″][vc_row_inner row_type=”row” type=”grid” text_align=”left” css_animation=”” el_class=”content-row”][vc_column_inner][vc_column_text]May 31 – Vitrox Corp Bhd (VCB) said its unit is buying land worth RM48.33 million in Penang to execute its 10-year expansion master plan, which will be fully completed by 2030.<\/p>\n

According to a filing with Bursa Malaysia, its wholly-owned subsidiary Vitrox Technologies Sdn Bhd (VTSB) had entered into a sale and purchase agreement today with Penang Development Corporation.<\/p>\n

The land \u2014 at present vested in the State Authority of Penang \u2014 measures 21.04 acres and is marked as Plots 323b and 323c in Batu Kawan Industrial Park, Seberang Perai Selatan.<\/p>\n

\u201cWith the acquisition, VCB Group envisages that it will further strengthen its technology, product research and development, global business expansion, worldwide service and support, supply chain development, smart and lean manufacturing, and talent attraction, training and growth,\u201d said the group.<\/p>\n

According to the group, the purchase price for the acquisition was arrived at on a \u201cwilling buyer and willing seller\u201d basis, taking into consideration the location is a prime area and size of the land.<\/p>\n

\u201cVTSB is now in the progress of applying for a credit facility from [a] financial institution, therefore, a valuation of the property will be done by a property valuer appointed by the financial institution in due course,\u201d said the group.<\/p>\n

The company said the acquisition is not expected to have any material effect on the net assets per share for the financial year ending Dec 31, 2021.<\/p>\n

\u201cHowever, as the purchase price will be partly financed via borrowings, the gearing of VCB for the financial year ending Dec 31, 2021 is expected to increase as a result of the acquisition,\u201d it added.<\/p>\n

Source: The Edge<\/a>[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][vc_empty_space height=”120px” el_class=”height-x120″][\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

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