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KUALA LUMPUR (July 18): Kumpulan Perangsang Selangor Bhd's (KPS) indirect wholly-owned subsidiary CPI (Penang) Sdn Bhd is buying a 4.5-acre (1.82ha) piece of land at Bayan Lepas Industrial Park in Penang for RM27.7 million, which will be developed into an electronic manufacturing services (EMS) factory.

In a statement, KPS said CPI has entered into an agreement with Penang Development Corp for the land acquisition. The new land is over three times bigger than the land that currently houses its existing EMS facility.

“Construction of the new factory is expected to commence in the first half of 2019, with target completion in 2020,” it added.

KPS chief executive officer Ahmad Fariz Hassan said the land acquisition will allow CPI to expand its production capacity in order to meet the growing demand in the EMS industry.

“The land acquisition is the first step of executing our long-term value-creation plan to accelerate CPI’s high-growth phase.”

This article first appeared in The Edge Financial Daily, on July 18, 2018.

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