KUALA LUMPUR: South Korea's cosmetic firm Amorepacific Corporation plans to invest about US$170mil or RM691mil in Malaysia by setting up an integrated centre for research and development and manufacturing in Iskandar Puteri, Johor.
UEM Sunrise Bhd
said on Wednesday its unit UEM Land Bhd had signed a sale and purchase agreement with Amorepacific for the sale of the 25.37-acre land within Southern Industrial and Logistics Clusters (SiLC) in Iskandar Puteri.
“As part of its global expansion strategy, Amorepacific plans to invest approximately US$170mil or RM691mil into Malaysia,” it said.
UEM Sunrise said the new plant would enable Amorepacific expects to create between 300 and 500 new jobs in Iskandar Puteri, one of the five flagship zones of Iskandar Malaysia.
The signing of the agreement was formalised on Tuesday at the UEM Group Bhd headquarters. UEM Sunrise executive director Datuk Izzaddin Idris signed the agreement on behalf of UEM Land, the land owner and Amorepacific was represented by Robin Na, head of the Asean regional headquarters.
UEM Sunrise chief operating officer, commercial Raymond Cheah and Amorepacific plant engineering team leader Kim Dongyoung witnessed the signing of the agreement.
Amorepacific said SiLC was attracted to the central utility facilities within the industrial park which is equipped to provide utilities such as industrial steam, chilled water and industrial waste water management as well as its close proximity to its regional headquarters in Singapore.