Aspen to build glove making plant with bigger capacity of 1.5 billion instead of 1.1 billion units
23 Sep 2020
Aspen (Group) Holdings, which is diversifying from just property into glove making, now plans to build a plant with a glove making capacity of 1.5 billion units per year, from an original plan of 1.1 billion units, the company said on Sept 22.
The revision comes after the Malaysia-based company had further talks with potential buyers, and will make further updates once definitive sales agreements have been reached.
Piling works have commenced and the plant is slated for completion by March 2021.
The company has budgeted RM105 million for the first phase of this plant. “Any additional capital expenditure due to the increased production is not expected to be material,” the company said.
Aspen has appointed Tialoc Malaysia as the project management contractor for engineering, procurement and construction management for the plant, which is at the Kulim High-Tech Park.
Aspen also announced that it has hired Calvin Ng to be the chief operating officer of its glove making subsidiary. Ng was previously plant director of Mapa Gloves.
As at 10.10am, Aspen shares were up 2 cents, or 10.81%, to trade at 20.5 cents.
Source: The Edge Markets Posted on : 23 September 2020