Greatech Technology Berhad commits to build an additional facility in Penang, with an initial investment of RM150 million for a high value designing and assembly activity.
Board Chair Ms. Ooi Hooi Kiang in her speech during an InvestPenang event explained the plans the Group has for the new BK IV land it had acquired. According to her, a new facility, with a built up area of 265,000 square feet will be erected on the 11.58-acre land newly acquired from Penang Development Corporation as announced by the Group this week. The facility will be deployed to house high-value designing and assembly activities of new products for emerging markets namely life science and semiconductor. Construction is scheduled to complete by Q3 2022.
For this facility, the Greatech targets to hire another 500 new hires which consist mainly 300 engineers and 200 assembly workers and machinists, bringing the total to 1,200 headcounts for the Group by mid of 2022. Its average contribution to the state has been encouraging, it is estimated a yearly contribution to the local economy of RM100 mil to RM120 mil is expected for the payments of salaries, local purchases, and outsourced activities.
As for the facility, Ms Ooi said an estimation of approximately RM150 mil of initial capital investment expenditure to be funded internally will be incurred for the purpose of construction of plants and land acquisitions for both BK IV and BK III.
The Group is proud to be part of the Penang State’s continued effort to attract notable local and foreign direct investments given the severe economic impact caused by the pandemic, resulting in broad and significant business disruptions.
