KUALA LUMPUR: 3REN Bhd' wholly-owned subsidiary Sophic Automation Sdn Bhd has entered into a memorandum of understanding (MoU) with invest-in-Penang Bhd (Invest Penang) for the acceptance of an incentive package in the form of financial subsidies and resources.
Invest Penang is a wholly-owned subsidiary of the state government of Penang and serves as the project lead for the “Penang Silicon Design @5km+” initiative to build upon Penang as a leading hub for semiconductor and integrated circuit design in Malaysia.
In a filing with Bursa Malaysia, 3REN said Sophic Automation plans to apply for the incentive package to support its efforts in establishing or expanding its IC design-related operations in Penang.
The specific details of the incentive package, however, will be finalised in the offer letter to be signed between Invest Penand and Sohic Automation.
"Sophic Automation will utilise the incentive package to innovate and meet the key performance indicators (KPIs) for the PSD@5km+ initiative for IC design-related activities as set by the governing board and to meet the purpose of the incentive package, and fulfill relevant roles and responsibilities to support the development, operation and success of
PSD@5km+ initiative," added 3REN.
