Allied Tech mulls grabbing 6 lands in Malaysia

Price is set at $2.55 million.

Allied Technologies Limited has found a potential site for its factory building in Malaysia.

The group's wholy-owned subsidiary in Malaysia, Allied Precision Technologies (M) Sdn. Bhd (APTM) entered into an agreement to acquire six parcels of freehold land in Malacca for $2.55 million.

"The Company intends to construct a factory building on the Land for the purpose of APTM’s manufacturing and operating activities," the group said in a statement.

Allied Tech revealed that they had decided that it is in their best interest to acquire the land for its own operational use than rent a factory building in Malaysia.

The group will be using bank borrowings with an established Malaysian bank and internal resources for the funding of the acquisition.