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Aspen Glove expects factory construction to be completed by March 2021

TheEdge Thu, Sep 03, 2020 10:04am - 3 weeks ago

GEORGE TOWN (Sept 3): Penang-based property development and real estate investment company, Aspen Group, expects the construction of its glove manufacturing facility to be completed by March next year.

In a statement, Aspen Group said Aspen Glove Sdn Bhd (AGSB) has submitted its application for the development order and building plan approval to the Kulim Municipal Council (KTPC) for the construction of the manufacturing facility.

“The piling works of the manufacturing facility is expected to commence by Sept 21 this year upon shareholders’ approval of the proposed diversification.

“The overall construction of the manufacturing facility is slated for completion in March 2021,” it said.

AGSB is a joint venture company between Aspen Group Holdings Ltd’s wholly-owned subsidiary, Aspen Vision All Sdn Bhd (AVA) and investment holding company, CMY Capital Sdn Bhd (CMY), to diversify Aspen Group’s existing business.

On Sept 1, AGSB executed a lease agreement with Kulim Technology Park Sdn Bhd (KTPC) to lease 11.87 hectares of industrial land at the Kulim Hi-Tech Park for 60 years, with an option to extend for another 39 years.

AGSB also obtained a First Right of Refusal (FRR) on Aug 12 for the lease of an additional 14.98 hectares of industrial land for the purpose of constructing an industrial factory to manufacture latex and nitrile gloves.

Meanwhile, Aspen Group had also officially appointed former Penang Development Corporation deputy general manager Iskandar Basha Abdul Kadir as AGSB’s managing director.

“AGSB is in the midst of finalising the appointment of a qualified person with over 20 years’ experience predominantly in the rubber glove manufacturing industry for the position of AGSB’s chief operating officer,” it added.


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