“Solid Automotive Bhd acquires 4.69 acres of freehold land in Klang for RM15.92 million from Top Glove Corp Bhd, aiming to enhance operational efficiency and consolidate distribution centres with a custom-built facility in an industrial hub near Setia Alam and Port Klang.“
Kuala Lumpur, 12th Dec 2024, 1.35pm – Solid Automotive Bhd has announced its acquisition of 4.69 acres of freehold land in Klang from Top Glove Corp Bhd for RM15.92 million.
The deal, facilitated through Solid Automotive’s wholly-owned subsidiary Part Center Sdn Bhd (PCSB), involves agricultural land in Kawasan Perindustrian Meru Timur. PCSB and Top Glove’s unit, Top Quality Glove Sdn Bhd, signed a letter of offer on Wednesday, with a definitive agreement expected within a month, according to Solid Automotive’s Bursa Malaysia filing.
The acquisition is part of Solid Automotive’s strategy to enhance operational efficiency and consolidate its distribution centres. The land, located within a mature industrial park near Setia Alam and Port Klang, is strategically zoned for industrial use.
Solid Automotive plans to build a custom facility on the site, which it says will further optimize operations. The company sees this as a long-term investment that aligns with its growth goals.
Solid Automotive’s stock remained unchanged at 20 sen on Wednesday, with a market capitalization of RM103.9 million. Meanwhile, Top Glove shares dipped by two sen to RM1.35, giving the glove maker a market value of RM10.98 billion.
The acquisition signals Solid Automotive’s confidence in expanding its operational capabilities, leveraging the strategic location and infrastructure advantages of the Klang Valley.
