PETALING JAYA: TMK Chemical Bhd is acquiring a parcel of leasehold land with a standard detached factory in Tuas Street, Singapore, from Chin Yuan Metal Pte Ltd for S$14.8mil (RM49mil).
In a filing with Bursa Malaysia, the industrial products and services firm said the proposed acquisition is to facilitate TMK and its subsidiaries’ expansion of its Singapore operations.
“The property is strategically located in Tuas Avenue, which is in close proximity to the TMK Group’s existing facilities in Tuas Avenue, providing additional area to cater for expansion of warehousing and distribution services in Singapore.
“The proposed acquisition is expected to contribute positively to the growth of TMK Group.”
The company said the acquisition will be funded through a combination of initial public offering proceeds and / or internally generated funds.
“The exact breakdown of the funds will only be determined at a later stage after considering TMK Group’s gearing level and cash requirements for its business operations.”
The company made its debut on the Main Market of Bursa Malaysia in December last year.
