PETALING JAYA: ACE Market-bound Chemlite Innovation Bhd has acquired industrial leasehold land from the Penang Development Corp or PDC within Penang Science Park North.
In a statement, the engineering support services provider said the acquisition will enable the development of a new 100,000 sq ft, state-of-the-art facility, designed to enhance the company’s production capacity.
“This expansion will also further enhance operational efficiencies and broaden Chemlite’s service portfolio, strengthening its position as a key contributor to Malaysia’s rapidly growing semiconductor and electrical and electronics industries,” it said.
Chemlite is set to be listed on the ACE Market on March 26. Its initial public offering (IPO) will entail a public issue of 120 million new shares at 25 sen per share, along with an offer for the sale of 60 million existing shares.
According to Chemlite, the proceeds from the IPO will be used to expand the business and support growth.
