By Sharen Kaur
Published in NST on January 14, 2013
Published in NST on January 14, 2013
KUALA LUMPUR: Pensonic Holdings Bhd is talking to several investors, including sovereign fund partners, to help finance a portion of the 2.4ha manufacturing hub and international distribution centre in Bukit Minyak, Penang.
The Penang-based manufacturer is building a new operational headquarters with research and development (R&D) facilities and training centre at the hub for electrical home appliances industries.
Pensonic is expected to invest up to RM250 million between 2010 and 2020 for the project, where the majority would be internally funded, an official told Business Times.
The project started in July last year which includes constructing a four-storey semi-green building for the R&D facilities.
According to the official, the project is 17 per cent completed and it is expected to be fully operational by early next year.
"Pensonic is looking for investors to fund its R&D activities and product innovation. It has hired R&D specialist from Taiwan and France," the official said.
The development of the hub is being aided by the government as an entry point project under the Economic Transformation Programme to spearhead the country's electrical home appliances segment.
Several incentives were offered to Pensonic, such as corporate tax exemptions and a variety of subsidies for the project.
"Other benefits include an increase in trade opportunities. Pensonic will utilise all the given opportunities to lift the company's profile to a new height," said company officials.
The project is important as it would help position Malaysia as a world player in the electrical home appliances segment.
Through the hub, Pensonic is targeting to capture the huge potential in Southeast Asia and the Middle East.
It is expected to provide an incremental gross national income of RM500 million starting this year.
Pensonic, the biggest domestic electrical home appliances player with valuation of more than RM300 million, expects the project to contribute positively to its earnings from next year.
For its current financial year ending May 31 2013, it has forecast a jump of nine per cent in sales revenue to RM380 million and RM8 million net profit in the region.
Pensonic, unfazed by global uncertainties, is targeting higher earnings in fiscal 2014 through aggressive marketing and distribution strategies in local and international markets.
It is also planning to sell a wide range of new products, such as LED lighting to overseas markets.
The Penang-based manufacturer is building a new operational headquarters with research and development (R&D) facilities and training centre at the hub for electrical home appliances industries.
Pensonic is expected to invest up to RM250 million between 2010 and 2020 for the project, where the majority would be internally funded, an official told Business Times.
The project started in July last year which includes constructing a four-storey semi-green building for the R&D facilities.
"Pensonic is looking for investors to fund its R&D activities and product innovation. It has hired R&D specialist from Taiwan and France," the official said.
The development of the hub is being aided by the government as an entry point project under the Economic Transformation Programme to spearhead the country's electrical home appliances segment.
Several incentives were offered to Pensonic, such as corporate tax exemptions and a variety of subsidies for the project.
"Other benefits include an increase in trade opportunities. Pensonic will utilise all the given opportunities to lift the company's profile to a new height," said company officials.
The project is important as it would help position Malaysia as a world player in the electrical home appliances segment.
Through the hub, Pensonic is targeting to capture the huge potential in Southeast Asia and the Middle East.
It is expected to provide an incremental gross national income of RM500 million starting this year.
Pensonic, the biggest domestic electrical home appliances player with valuation of more than RM300 million, expects the project to contribute positively to its earnings from next year.
For its current financial year ending May 31 2013, it has forecast a jump of nine per cent in sales revenue to RM380 million and RM8 million net profit in the region.
Pensonic, unfazed by global uncertainties, is targeting higher earnings in fiscal 2014 through aggressive marketing and distribution strategies in local and international markets.
It is also planning to sell a wide range of new products, such as LED lighting to overseas markets.
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