Wednesday, July 6, 2011

NTPM to buy assets from Union Paper for RM20m

KUALA LUMPUR: NTPM HOLDINGS BHD [] is acquiring leasehold land and machinery from Union Paper Industries Sdn Bhd for RM20 million cash consideration.

NTPM said on Wednesday, July 6 its unit NTPM Paper Mill (Bentong) Sdn Bhd was acquiring the leasehold land, which has a tenure of 66 years, for RM12.50 million and the machinery for RM7.5 million. It added the factory building was 18 years.

The land, factory and machinery are located in the Bentong industrial estate.

'The board believes that the proposed acquisition provides a good opportunity for NTPM to expand its production capacity as well as to setup its production at central region of Peninsular Malaysia as part of the group's expansion plan,' it said.

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