CPE Technology's (KLSE:CPETECH) subsidiary, Champion Precision Technology, agreed to acquire a piece of freehold land with a factory in Johor, Malaysia, from Flomatic Industries, for 10 million ringgit, according to a Wednesday filing with Bursa Malaysia.
The acquisition will be funded via proceeds from the company's initial public offering.
The expansion is part of CPE's strategy to strengthen its manufacturing capabilities and expand production capacity.
The transaction is expected to conclude by the second quarter of 2027, the filing said.
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