Baosteel Can Making (Malaysia) Sdn Bhd will be purchasing 16.32 acres of industrial land at Eco World Development Group Bhd’s Eco Business Park V (EBP V) for a purchase consideration of RM53.3 mil.
Eco World welcomed Baosteel today after a virtual signing ceremony held concurrently in Kuala Lumpur and Shanghai.
“We are very happy that Baosteel Malaysia has chosen EBP V as the site for its new manufacturing facility in Malaysia. Baosteel Malaysia’s decision to establish their business here will certainly contribute towards our efforts to make EBP V one of the best industrial parks in the country and a key job centre offering quality employment opportunities for the people of Selangor,” EcoWorld Malaysia president and CEO Datuk Chang Khim Wah said in a press release today.
Baosteel Malaysia director Zhu Wei Lai said: “The collaboration between Baosteel and EcoWorld marks Baosteel’s further investment in Southeast Asia and Baosteel looks forward to further cooperation with EcoWorld in more areas.”
Baosteel Malaysia is owned by Shanghai Baosteel Packaging Co Ltd, a company listed on the Shanghai Stock Exchange, which is in turn, a subsidiary of China Baowu Steel Group Corporation Ltd (Baowu). Baowu is a pilot enterprise of state-owned capital investment companies with a registered capital of RMB52.79 billion and an asset scale of over RMB860 billion. In 2019, Baowu was ranked 149th among the Fortune Global 500 companies.
Chang appeared confident on the incoming FDIs for business parks, particularly for EBP V. “This has played a huge part in protecting our economy from the worst effects of the pandemic and many now believe that Malaysia is well-positioned to recover faster than other nations. We are therefore confident that once the borders reopen and business travel can resume with countries that have had similar success in controlling Covid-19, we will be able to welcome more FDIs into EBP V and our other business parks in Iskandar Malaysia,” he said.
