Packaging manufacturer Can-One Bhd is acquiring two freehold agricultural lands measuring 68 acres worth MYR 103.55 million (USD 24.7 million) in Klang, Selangor for its new manufacturing hub and warehousing facility.
Can-One said the acquisition of the plots is intended to relocate some of the group’s operations in the Klang Valley and consolidate them in one location to improve operating efficiency. The acquisition of lands is to be completed within one year, which is by July 2021. The company is acquiring the plots via its indirect wholly-owned subsidiary Bintang Seribu Sdn Bhd, from Golden Valley Industries Sdn Bhd (GVI), a subsidiary of industrial property builder, Klanggroup Holdings Sdn Bhd. GVI is involved in property development, construction of buildings and non-residential building and general trading.
Aside from Can-One, Supermax Corp, Malaysia’s leading international manufacturer, distributor and marketer of high-quality medical gloves is also buying a 2.02-hectare plot of land in Klang at the value of MYR 21.78 million (USD 5.2 million) for the future expansion of the group’s manufacturing capacity. The sale and purchase agreement were carried out via its wholly-owned unit Maxter Glove Manufacturing Sdn Bhd.
(Sources: The Edge Markets; Bursa Malaysia)