Computime Acquiring Manufacturing Facilities in Penang, Mala
HONG KONG, Dec. 20, 2019 /PRNewswire/ -- A specialist in design, manufacturing and Internet of Things ("IoT") solutions in the electronics manufacturing services industry -- Computime Group Limited ("Computime" or the "Company", together with its subsidiaries the "Group", stock code: 320.HK) is pleased to announce that on 20 December 2019, a wholly-owned subsidiary of the Company (the "Purchaser") has entered into an agreement with Rubicon Sapphire Technology (Malaysia) Sdn. Bhd. (the "Vendor"), to acquire the manufacturing facilities in Malaysia (the "Manufacturing Facilities") at the purchase price of RM20,750,000.00 (equivalent to approximately HK$39,010,000.00).
The Manufacturing Facilities to be acquired include a parcel of 60 year leasehold land of 12,383 m2 in Pulau Pinang, Malaysia with an unexpired term of about 51 years expiring on 15 March 2071, together with all the buildings erected thereon, which include, inter alia, factory premises with a total gross area of approximately 6967.67 m2. Upon completion of the agreement, Computime will indirectly hold the Manufacturing Facilities.
Dr. King Owyang, Executive Director and Chief Executive Officer of Computime, stated, "After completing the acquisition, the Group intends to utilise the Manufacturing Facilities for the development of its own manufacturing and supply chain capabilities in Malaysia. Going forward, diversification of manufacturing site is part of the strategic direction of the Group because it further enhances the competitiveness of the Group. This arrangement provides the flexibility for more customization and optimization that will benefit both the up-coming needs of our customers and Computime. ASEAN countries like Malaysia have many advantages to offer, and Penang is especially attractive to Computime. Penang was chosen because it has a long electronics manufacturing history, a good technical foundation, an availability in human resources, a close proximity to Hong Kong, and appropriate language skills that are important criteria which match the needs of Computime, including speed to bring up operations and production of the factory and a long term sustainability of future growth of the Penang site.
The Company looks forward to the contribution of this recent important acquisition to support its aggressive growth plan. We plan to have the factory be ready for operations in relatively short time in order to meet the urgent market customers' demand."
About Computime Group Limited
Computime Group Limited is a specialist in design, manufacturing and Internet of Things solutions in the electronics manufacturing services space, offering customized, turnkey design and manufacturing solutions to its established and diversified list of clients. Through bespoke IP and sophisticated research and development capabilities, the Group has also launched its own line of proprietary products under the brand SALUS in the European and North American markets.
SOURCE Computime Group Limited