KUALA LUMPUR: Iconic Worldwide Bhd
said its wholly-owned subsidiary Iconic Medicare Sdn Bhd has rented out its Batu Kawan factory in Seberang Perai, Pulau Pinang, to optical modules contract manufacturer Aperion Technologies (Malaysia) Sdn Bhd for rental revenue of at least RM75.6mil over a six year term.
Situated within the Batu Kawan Industrial Park, Iconic Medicare's factory was initially developed for glove manufacturing.
Following the cessation of the factory's operations in 2025, Iconic Worldwide decided to lease out the factory to create an additional recurring income stream for the group.
The lease shall be for a minimum duration of six years, with renewal options for another four years.
Based on the terms of the agreement, the group projects rental revenue of RM75.6mil over the next six years, and up to RM133.68mil if Aperion extends its lease for another four years.
"With the signing of this agreement, we continue to make progress towards improved financial performance and delivering strong returns for our shareholders," said Iconic Worldwide executive chairman Datuk Seri Tan Kean Tet in a statement.
