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Solid Automotive buys 4.7-acre land in Klang from Top Glove
Solid Automotive Bhd said it is acquiring 4.69 acres of freehold land in Klang from Top Glove Corp Bhd for RM15.92 million.
The automotive electrical parts group said its wholly-owned subsidiary, Part Center Sdn Bhd (PCSB), signed a letter of offer issued by Top Quality Glove Sdn Bhd, a wholly-owned unit of Top Glove, on Wed to purchase the agricultural land located at Kawasan Perindustrian Meru Timur.
PCSB and Top Quality Glove are required to enter into a definitive agreement for the acquisition within one month, according to Solid Automotive's bourse filing.
The group said the acquisition aligns with its plan to enhance operational efficiency, and is expected to facilitate its consolidation efforts.
It added that it views the acquisition as a strategic investment, citing the land’s freehold industrial zoning, and favourable location within an established industrial park near the mature township of Setia Alam and close to Port Klang.
In addition, the land size is expected to support the consolidation of distribution centres, and a fully customized building to be constructed on the site will further enhance operational efficiency, said Solid Atomotive.
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TWIMO (151403908) : why put out such junk? It’s only 16 million with a rounding error…. the core business must be solid so that it is bigger and better than Hartalega…
bullrider_21 OP TWIMO (151403908) : With the proceeds, its net loss would be reduced.
TWIMO (151403908) bullrider_21 OP : Kinda describes the mess in the business now. The management team isn’t focus on getting the business together more than 36 months after covid peak. Correct the hundreds of millions and we won’t have to bother with these sorta rounding error…. The PR needs to do business roadmap roadshows to gain confidence…
bullrider_21 OP TWIMO (151403908) : First companies overstocked on gloves. Then glove makers increased production capacity. China competitors also entered and undercut them. So Malaysian glove makers are not doing so great now. There's slow recovery.
TWIMO (151403908) bullrider_21 OP : Being the biggest in the world, it ought to be easier to kill off competitors… no excuses not to fix the business after 36 months…