V.S. Industry Berhad's announced that it has secured new orders from a key customer to manufacture selected consumer electronics products on box build assembly basis provisional of end to end processes from production to assembly right to packaging.

The group said the expected revenue contribution from the customer based on the recurring nature of the orders is RM0.3 billion for the financial year ending 31 July 2025 and RM1.2 billion for the financial year ending 31 July 2026. This is derived from anticipated sales volume and pricing, bringing the aggregate expected revenue over the next 2 financial years to be RM1.5 billion.

Managing Director of VS, Datuk S.Y. Gan said,"We are certainly delighted to have secured orders for our newly established operations in the Philippines. This underscores the Group's manufacturing capabilities and further cementing our position as a top 5 electronics manufacturing services ("EMS") provider in ASEAN and a top 50 EMS player globally. We want to hit the ground running at our facility in Philippines and target to commence mass production by first quarter of 2025."

On even day, VSIP has also entered into a lease agreement ("Lease Agreement") with ALogis Artico, Inc., ("AAI" or the "Lessor") for the lease of an area of 52,782 square meters ("sqm.") within a factory building located at ALogis Sto. Tomas, Light Industry and Science Park III, Barangay San Rafael, Sto. Tomas, Batangas, 4234 Batangas, Philippines ("Premises").

The customer it said is an existing customer of the Group in Malaysia. However, the identity and further information on the Customer shall remain private and confidential as VSIP has entered into a non-disclosure agreement with the Customer. The lease shall be for a term of 5 years commencing from 2 September 2024 with an option to renew for a further 5 years upon terms to be mutually agreed upon.