Hartalega to acquire land in Sepang for RM158.31 mln

Hartalega to acquire land in Sepang for RM158.31 mln

10 Aug 2020

Hartalega Holdings Bhd’s wholly-owned subsidiary, Hartalega NGC Sdn Bhd will acquire a sub-division of land measuring approximately 24.51 hectares (ha) in Sepang for RM158.31 million from Kumpulan Tanjung Balai Sdn Bhd.

In a filing with Bursa Malaysia, Hartalega said the land, which is strategically adjacent to NGC Sepang, will be utilised for the construction of additional glove manufacturing facilities (NGC 1.5).

It said NGC Sepang’s ongoing expansion, which is scheduled for completion by 2021, would boost the annual installed capacity to 44 billion pieces.

“The NGC 1.5 will further increase installed capacity by an additional 19 billion pieces annually.

“Coupled with the previous acquisition of 38.45 ha of land in Banting to build NGC 2.0, total annual installed capacity would increase to 95 billion pieces upon completion by year 2027,” said the group.

It said further details on the proposed acquisition, including the salient terms of the sales and purchase agreement (SPA), the rationale as well as the risk factors would be set out in the announcement to be made to Bursa Malaysia upon execution of the SPA, expected to be by Aug 21, 2020. 

Source: Bernama