Pentamaster-Vitrox joint venture firm buys land in Penang

PETALING JAYA: A joint-venture company of Pentamaster Corp Bhd, Vitrox Corp Bhd and Walta Engineering Sdn Bhd is acquiring a piece of land in Seberang Perai Selatan, Penang, from Penang Development Corp for RM3.52 million.

The joint venture entity – Penang Automation Cluster Sdn Bhd, which was formed last month – is 35% owned by Pentamaster and Vitrox each, while Walta Engineering holds the remaining 30% stake.

Pentamaster said in a filing with the stock exchange that the land acquired will be used to develop and manage a small medium industry cluster which include the activity of precision engineering and sheet metal fabrication, tooling, machining, finishing and coating services.

The automation cluster is expected to commence construction in the second half of 2017 and spans over a development period of within two years.