Electronics firm Industronics takes up Kedah Aerotropolis project

Electronics firm Industronics takes up Kedah Aerotropolis project

In a stock exchange filing, Industronics Bhd said it had entered a consortium with Malaysian NGV Bhd to build, operate and own the project.

The Kedah Aerotropolis project comprises a new international airport in Kulim, an airport city, and a logistics and manufacturing hub. (Facebook pic)
KUALA LUMPUR:
Listed electronics company Industronics Bhd (Itronic) has announced it had entered into a non-binding memorandum of understanding with Malaysian NGV Bhd to form a consortium to build-operate-own the Kedah Aerotropolis project as an investor and master developer.

In a Bursa Malaysia filing today, the company said the proposed development will be built on 3,700 hectares (9,100 acres) of Kedah state government land.

It will comprise an airport city, including cargo terminals and the Kulim International Airport, a business park and the Sidam logistics, aerospace and manufacturing hub.

The proposed project will be constructed in phases with the first phase being the airport city slated to be completed in 18 months.

Itronic, which is principally involved in design, manufacturing and installation of electronics and technology-related products, said the company will seek funds and facilitate funds amounting to 3.3 billion euros with its strategic partner Bluemount Financial Group Ltd and other possible investors for the proposed development.

The company said the deal will not have any material effect on earnings per share of the group.

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