KUALA LUMPUR: Frontken Corp Bhd

said its major subsidiary Ares Green Technology Corp (AGTC) has acquired an industrial land and factories from Ginwin Technology Co Ltd for NTD920mil (RM118.16mil) in Tainan Xinying Industrial Zone, Taiwan.

In a stock exchange filing, the group said the property is classified as Type B Industrial Land with a building coverage ratio of 70% and a floor area ratio of 210%. 

The property also includes a solar photovoltaic system with a capacity of 1,245.92 kWp.

According to the filing, the property is

strategically located about 950m from AGTC’s existing P1 facility and will provide additional space for establishment of future production lines to meet anticipated market demand.

"Given the limited availability of suitable industrial land within close proximity to AGTC’s existing P1 facility, the acquisition is expected to support AGTC’s continued business growth over the medium- to long term," it said.

Frontken said the acquisition will be funded through AGTC's internally generated funds.