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- The 60-year lease carries a total consideration of RM25.1 million and is subject to the Penang state authority’s approval for conversion of the land title from leasehold to freehold, TT Vision said in a filing with Bursa Malaysia.
KUALA LUMPUR (July 23): TT Vision Holdings Bhd (KL:TTVHB) entered into an agreement with the Penang Development Corporation (PDC) on Wednesday to lease a 3.6-acre industrial plot in the Bayan Lepas Industrial Park.
The 60-year lease carries a total consideration of RM25.1 million and is subject to the Penang state authority’s approval for conversion of the land title from leasehold to freehold, TT Vision said in a filing with Bursa Malaysia.
The company plans to develop the site into a new manufacturing facility focused on producing equipment for the semiconductor, solar and battery industries. The project forms part of its broader expansion strategy, as its current production capacity is expected to be fully utilised by 2027, the company said.
It added that the lease rate was fixed by PDC at RM160 per sq ft, based on prevailing market rates and the site’s location.
TT Vision highlighted the plot’s proximity to its existing facility, key customers and the Penang International Airport as critical to supporting production and operational efficiency.
The company expects the lease to be completed within 18 months and intends to finance the development through internal funds and bank borrowings, which will increase its gearing.
TT Vision’s shares closed up one sen or 1.8% to 56.5 sen on Wednesday, valuing the company at RM270.98 million.
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