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Eco World to sell land at Eco Business Park V to Baosteel Can Making for RM53.3m

Eco World to sell land at Eco Business Park V to Baosteel Can Making for RM53.3m

17 Aug 2020

Eco World Development Group Bhd has inked a deal to sell 6.6 hectares of industrial land at its Eco Business Park V (EBP-V) in Puncak Alam, Selangor, for RM53.3 million to Baosteel Can Making (Malaysia) Sdn Bhd.

Eco World’s president and chief executive officer, Datuk Chang Khim Wah, said Baosteel’s decision to set up its business at Eco Business Park V will make it the best industrial park in Malaysia and provide job opportunities to Malaysians.

“We’re very happy that Baosteel has chosen EBP V as the site for its new manufacturing facility in Malaysia,” he said in a statement today.

Metal packaging product maker Baosteel Malaysia is owned by Shanghai Stock Exchange-listed Shanghai Baosteel Packaging Co Ltd, which in turn is a subsidiary of China Baowu Steel Group Co Ltd.

Baowu is a pilot enterprise of state-owned capital investment companies with a registered capital of 52.79 billion renminbi (RM31.67 billion) and an asset scale of over 860 billion renminbi.

In 2019, Baowu was ranked 149th among the Global Fortune 500 companies.

According to Chang, Eco World has been receiving an increasing number of enquiries from overseas industrialists, following the announcement of the National Economic Recovery Plan incentives for foreign direct investments, intending to relocate their manufacturing facilities to Malaysia.

The 10- or 15-year tax exemption available to foreign manufacturers who are prepared to invest between RM300 million and RM500 million, or above RM500 million respectively, has sparked renewed interest in Malaysia.

Coupled with the promise of speedy manufacturing licence approval within two working days for non-sensitive industries, this sends the right message that Malaysia is very much open for business, he said.

“The collaboration between Baosteel and EcoWorld marks Baosteel’s further investment in Southeast Asia and Baosteel looks forward to further cooperation with EcoWorld in more areas,” Baosteel director Zhu Wei Lai said.

Source: Bernama