Glove manufacturer Riverstone Holdings annnounced that its wholly-owned subsidiary Eco Medi Glove is acquiring six parcels of leasehold industrial lands with a total land area of about 18.33 acres located in an industrial area in Taiping, Perak, Malaysia.
The consideration of RM17.57 million ($5.66 million) was arrived based on commercial negotiation on a “willing buyer, willing seller” basis taking into account, inter alia, the market value of similar property in that area. This acquisition will be funded via the group's internal resources.
According to the group, this land space will help support its expansion of production capaity for the gloves and group's operations.
Shares in Riverstone closed at 99 cents on Mar 21.
Photo: Bloomberg
