QINGDAO (China): A Chinese tyre manufacturer is expected to invest US$200mil (RM894mil) to set up a factory in Malaysia. Having signed a memorandum of understanding (MoU) with the Port Klang Free Trade Zone (PKFZ) on Wednesday, Qingdao FullRun Tyre Corp Ltd will be investing RM200mil in its initial phase to set up a factory there. Incorporated under Golden Horse Rubber Sdn Bhd in Malaysia, the factory is expected to start production by May next year, said its president Liu Zijin. At the signing was PKFZ assistant general manager Chan Wun Hoong and a delegation from MCA Youth. He added that the factory was expected to export three million tyres to Southeast Asia every year.

Source: The Star December 02, 2016 00:41 UTC