Friday, September 9, 2011

Tatt Giap unit to venture into steel fittings

KUALA LUMPUR: Tatt Giap Group Bhd's unit is acquiring a total of 5.1 ha of land in Seberang Perai, Penang for RM18.80 million to expand its pipes production and also venture into stainless steel fittings.

It said on Friday, Sept 9 its unit Superinox Pipe Industry Sdn. Bhd had signed an agreement to acquire two plots of land -- 2.01 ha and 3.09 ha with the office block and double-storey factory buildings -- from GUH Electrical Appliances Sdn Bhd.

'The proposed acquisition is to cater for future expansion of stainless steel industrial pipes and venture into new business activity ' manufacturing of stainless steel fittings,' it said.

Tatt Giap said Superinox would finance the acquisition from its own funds (10%) and bank borrowings (90%).

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