Saturday, December 4, 2010

Kian Joo's Vietnam unit buys land in expansion plan

KUALA LUMPUR: KIAN JOO CAN FACTORY BHD []'s (KJCF) wholly owned sub-subsidiary in Vietnam is acquiring a piece of leasehold industrial land in VSIP Bac Ninh, Bac Ninh Province as part of its expansion plans for US$1.62 million.

KJCF said on Friday, Dec 3 that Box-Pak (Vietnam) Co Ltd, a wholly owned subsidiary of its unit BOX-PAK (MALAYSIA) BHD [] had entered into a conditional letter of offer with VSIP Bac Ninh Co Ltd, the developer of VSIP Bac Ninh to acquire the land measuring 25,762 square meters.

It said the acquisition was for the expansion of Box-Pak (Vietnam)'s carton manufacturing operations in Vietnam.

KJCF'' said the land lease expiry date was Nov 30, 2057 and the acquisition would be funded by bank borrowings

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