Malaysian contracting and manufacturing company Central Global Group has bought new machinery to increase their production of industrial masking tapes.
Image courtesy of Business News Philippines
Business News Philippines has recently reported that general building contractor and maker of industrial masking tapes and label stocks Central Global Group will buy new machinery that will help its manufacturing arm in Kuala Muda in Kedah make up to 70 million square metres per year of industrial masking tapes from 20 million square metres per year with old machinery.
Dato’ Faisal Zelman, executive chairman of Central Global Group, said, “This is perfect timing for us as we currently have new potential orders of up to 30 million sqm of masking tape orders from existing customers. The new machinery will make us even more productive and efficient while allowing us the capacity to grow the business… We are also able to fulfill backlog orders worth RM10.0 million from July and August that had been delayed due to the enhanced movement control order that was extended by two weeks in parts of Kuala Muda to the end of July. We were only able to restart operations from 2 August 2021, and only at 60% capacity for employees, but we are pleased to announce that all our employees will be fully vaccinated by 23 August 2021”.
Investors will partly finance the acquisition with placing 18 million new shares in a private exercise in hopes of reaping about 26.0 million Malaysian ringgit with financing for a project for construction in Penang.
The manufacturing arm of Central Global Group expands production alongside its initiatives on growth for its segment in construction, signing a memorandum of understanding in early June with Multi Scopes Engineering for a joint venture to bid for building a plant for treating sewage worth 250.0 million Malaysian ringgit in Kwasa Damansara in Selangor, and getting a project of construction worth 101.0 million Malaysian ringgit in April 2021 to improve the supply of water in Lahad Datu in Sabah.