QES buys RM20mil factory in Glenmarie
21 Sep 2020
QES Group Bhd has acquired a factory in Glenmarie, Selangor for RM21.0 million cash to expand its office and production area.
QES’ core business is the distribution of inspection, test and measurement equipment, materials and engineering solutions.
QES said its wholly-owned QES (Asia-Pacific) Sdn Bhd had entered into a sale and purchase agreement with Astronautic Technology (M) Sdn. Bhd. for the factory near its existing office and factory space.
“Sitting on land measuring 5,833 square metres, the factory comprises a single-storey detached factory with an annexed five storey office building with a basement level car park,” it said.
QES managing director and president Chew Ne Weng said the proposed acquisition was in line with the company’s expansion to increase its existing manufacturing capacity by commissioning new production lines.
“The expansion is estimated to double QES’ manufacturing capacity as well as support future growth and expansion plans for the manufacturing and distribution division,” said Chew.
QES plans to fund the proposed acquisition via internally generated funds and/or bank borrowings.
“Barring any unforeseen circumstances, the proposed acquisition is expected to be completed within three months,” it added.
Source: NST Posted on : 21 September 2020