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Kian Joo sub-sibsidiary buys Vietnam land for US$1.6m

KUALA LUMPUR: Box-Pak (Vietnam) — a wholly-owned subsidiary of Box-Pak (Malaysia), which in turn is a wholly-owned subsidiary of Kian Joo Can Factory Bhd (KJCF) — has acquired a 6-acre piece of leasehold land in VSIP Bac Ninh, Bac Ninh Provience, Vietnam for US$1.62 million (RM5.1 million) on Thursday, Dec 2, the group announced on Friday.

The reason for the acquisition, the group said, is for expansion of its carton manufacturing operations in Vietnam. The land lease expires on Nov 30, 2057.

KJCF is a Malaysia-based company engaged in the manufacture and distribution of tin cans and investment holding.
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