Solid Automotive buys 4.7-acre land in Klang from Top Glove

• The automotive electrical parts group said its wholly-owned subsidiary, Part Center Sdn Bhd (PCSB), signed a letter of offer issued by Top Quality Glove Sdn Bhd, a wholly-owned unit of Top Glove, on Wednesday to purchase the agricultural land located at Kawasan Perindustrian Meru Timur.

KUALA LUMPUR (Dec 11): Solid Automotive Bhd (KL:SOLID) said it is acquiring 4.69 acres of freehold land in Klang from Top Glove Corp Bhd (KL:TOPGLOV) for RM15.92 million.

The automotive electrical parts group said its wholly-owned subsidiary, Part Center Sdn Bhd (PCSB), signed a letter of offer issued by Top Quality Glove Sdn Bhd, a wholly-owned unit of Top Glove, on Wednesday to purchase the agricultural land located at Kawasan Perindustrian Meru Timur.

PCSB and Top Quality Glove are required to enter into a definitive agreement for the acquisition within one month, according to Solid Automotive's bourse filing.

The group said the acquisition aligns with its plan to enhance operational efficiency, and is expected to facilitate its consolidation efforts.

It added that it views the acquisition as a strategic investment, citing the land’s freehold industrial zoning, and favourable location within an established industrial park near the mature township of Setia Alam and close to Port Klang.

In addition, the land size is expected to support the consolidation of distribution centres, and a fully customized building to be constructed on the site will further enhance operational efficiency, said Solid Atomotive.

Shares of Solid Automotive, which have risen over 5% year to date, closed unchanged at 20 sen. This gives the Main-Market-listed group a market capitalisation of RM103.9 million.

Top Glove slipped two sen or 1.46% to close at RM1.35, valuing the glove maker at RM10.98 billion.

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