South Korea-based manufacturer Simmtech is set to accelerate the expansion of its production line in Penang with a second phase investment of US$50 million (U$1 = RM4.4250), expected to be completed by the first quarter of 2023.

The company is a producer of semiconductor packaging substrates and high-value printed circuit boards (PCBs).

The Malaysian Investment Development Authority (MIDA), InvestPenang, and Simmtech said in a joint statement that in the initial plan, the company had planned for a five-year second phase expansion at its local unit Sustio Sdn Bhd.

However, Simmtech said it decided to accelerate its expansion plan to 2023.

The expansion would double the high-density interconnect PCB production capacity while creating additional 400 job opportunities for Malaysians, as well as involving working with local companies to enhance their localisation programme to enhance the country’s semiconductor ecosystem, according to the statement.

Simmtech Southeast Asia managing director Jeffery Chun said the expansion decision is a testimony of the management’s determination to invest in Malaysia, on top of the successful opening of its first factory in Batu Kawan, which is a rising global semiconductor hub.

Earlier this year, Simmtech had invested US$150 million to complete Sustio’s 7.28-hectare manufacturing site, which has already begun production.

Newly appointed International Trade and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz said Simmtech’s fast-tracked expansion of its subsidiary in Malaysia proved that Malaysia continues to be a preferred destination for high-value investments due to the industry’s strategic position in the global electrical and electronics value chain.

“This expansion project also supports the country’s New Investment Policy, whose aims include nurturing innovative, high impact and high-tech investments that help create more higher paying jobs, which is key to the country’s long-term socio-economic upliftment and sustainable growth,” he said in the same statement.

Source: Bernama

About The Zen

A mixed development by Asia Green at Bayan Mutiara. It is located next to Tun Dr. Lim Chong Eu Expressway, just a short drive away from the ongoing Penang World City township development by Tropicana Ivory. This development comprises a 46-storey skyscraper with two residential towers, and shop offices located at lower level. The residential component will feature 1,200 affordable units and 730 bigger open market units.

Find out more about The Zen development

Terubong Avenue, a leasehold commercial development by Patsifit Construction Sdn. Bhd. at Paya Terubong. It is strategically located along Jalan Paya Terubong, diagonally opposite Eco Terrace condominium by Eco World.

The development features 30 units of 2-storey shop offices with double fronting and 24 hours security. With a minimum built-up size of 2,347sq.ft. onwards, the units are now selling from RM1.46mil onwards. It is currently under construction and expected to be ready by 2023.

Property Project : Terubong Avenue
Location : Paya Terubong
Property Type : Shop offices
Built-up Size: 2,347sq.ft. onwards
Total Units:: 30
Tenure : Leasehold
Indicative Price: RM1,458,000 onwards
Developer : Patsifit Construction Sdn. Bhd.

DISCLAIMER: This article is solely based on research done using publicly available data. This is not an advertisement. Any claim, statistic, quote or other representation about a project or service should be verified with the developer, provider or party in question.

Iconic Regency is a freehold development nestled within the established commercial district and residential neighbourhoods for both local and expatriates in the middle of Sungai Nibong, Penang. Iconic Regency is linked to the Iconic Hotel – 4-star business class hotel and within walking distance of the proposed LRT Station. The 42-storey Iconic Regency features 268 units of fully furnished Residential Serviced Suites offers from studio to three bedroom apartments, a greater flexibility for residential and investment purposes.

Bespoke lifestyle is now becoming a reality by Iconic Regency. With a total of 268 units only, the low density exclusive Residential Serviced Suites come with 6 different layouts. Built-up area up to 850sqft and Dual Key Concept (1,200sqft) designed to suit a variety of lifestyles. The fully-furnished unit’s efforts have been spared to carefully design every space and rooms. All the fitting and finishing is selected with the utmost design to magnify the finest characteristic of its personal space.

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If all goes well, Penang will have the country’s first proper water taxi service in 2024.

State Infrastructure and Transportation Committee chairman Zairil Khir Johari said both the state government and the Penang Island City Council (MBPP) always had the intention to provide the water taxi service, especially on the island.

He said the water taxi service would serve as an alternative mode of transport to the people, especially on the island.

“The main aim is to provide an alternative mode of transport which can be utilised by the people and indirectly reduce traffic congestion on the island.

“Besides that, the water taxi service is also aimed at encouraging tourism activities in the state,” he told newsmen yesterday.

Present was MBPP mayor Datuk Yew Tung Seang.

Elaborating, Zairil said while it was hard to predict when the water taxi service would be made available as it was their first time doing so, he hoped for positive response from interested parties.

“Hopefully, those interested in the service will invest.

“The water taxi service is also a component in the Penang Transport Master Plan (PTMP),” he added.

To ensure the water taxi service comes into fruition, Zairil said the MBPP would call for a request for proposal (RFP) next week.

According to Yew, the tender for the water taxi would be called next Monday.

After a week, there would be a site briefing, he said.

“The RFP proposal will end in February next year. Thereafter, the MBPP and related agencies will evaluate the matter.

“The latter of award will be handed out in mid-2023. We expect the winning bidder to begin physical work three months after,” he said.

Yew said they had identified four sites for the water taxi service namely Straits Quay, Swettenham Pier, Pantai Jerejak and Batu Maung jetty.

“If interested companies have other suggestions, we are ready to hear them out,” he said.

Source: NST Online