BUSINESS

Industronics-Malaysian Ngv in MoU to build Kedah Aerotropolis project

04/11/2022 07:33 PM

KUALA LUMPUR, Nov 4 (Bernama) -- Industronics Bhd (Itronic) has entered into a non-binding memorandum of understanding (MoU) with Malaysian NGV Bhd (MNGV) to form a consortium to build-operate-own the Kedah Aerotropolis project as an investor and master developer.

In a Bursa Malaysia filing today, Itronic, which is principally involved in design, manufacturing and installation of electronics and technology-related products said the proposed development will be built on 3,704.89 hectares (9,154.98 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 & Manufacturing hub (SLAM).

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

Itronic said the company will seek funds and facilitate funds amounting to EUR3.3 billion with its strategic partner Bluemount Financial Group Ltd (BFGL) and other possible investors for the proposed development.

It will also not have any material effect on earnings per share of the group, it added.

-- BERNAMA

 


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