George Kent boosts production with set-up of Vietnam assembly plant
VIETNAM: George Kent Bhd (George Kent) announced that George Kent International Pte Ltd (GKI), its wholly-owned subsidiary, has invested up to US$532,0000 (equivalent to RM2.46 million) being its share of 70 per cent contributed capital in George Kent (Vietnam) Company Ltd (GK Vietnam).
The new subsidiary, formed under a shareholders’ agreement operating on a 70:30 contributed capital ratio, underscores George Kent’s commitment to fostering local partnerships for mutual growth. GK Vietnam will be headquartered at Thoi Hoa Industrial Park, Thoi Hoa Ward, Ben Cat Town, Binh Duong Province, Vietnam.
GK Vietnam is a partnership between GKI, based in Singapore and Pham Nguyen Hoang, a renowned Vietnamese entrepreneur with over 30 years of experience in the metering distribution business.
This strategic collaboration marks an important milestone in George Kent’s commitment to advancing water infrastructure and smart metering solutions on a global scale.
With a rich history rooted in water metering and engineering excellence, George Kent has consistently demonstrated its prowess not only in the metering business but also in water infrastructure, rail transportation and hospital construction sectors.
Commenting on this latest venture by the group, chairman Tan Sri Tan Kay Hock said: “The establishment of GK Vietnam reflects our firm belief in the strength of collaboration to drive growth.
The decision to establish a pivotal develop”ment in the form of an assembly plant in Vietnam signifies a strategic move to not only meet the growing demand for water meters in the region but also to deepen the company’s roots in a market that has been integral to our success.
“This forward-looking initiative reflects George Kent’s confidence in Vietnam’s potential as a hub for innovation and growth in the water infrastructure sector.”
The primary focus of GK Vietnam will be the assembly of the George Kent brand of water meters, renowned for their precision and reliability as well
as George Kent’s proprietary automated meter reading system – ‘SisBa’ which has gained significant traction among water authorities in Vietnam.
In addition to catering to the domestic market, GK Vietnam aims to bolster water metering solutions across the Southeast Asian region. The Group’s export prowess, demonstrated by its presence in 42 countries worldwide, serves as a testament to its commitment to addressing global water management challenges.
“The new facility in Vietnam, which has an annual assembly capacity of 600,000 meters, positions itself as a key player, strengthening George Kent’s ability in meeting the growing demand for water meters, both in Vietnam and potentially in neighbouring regions,” the chairman added.
“This strategic venture not only reaffirms George Kent’s commitment in providing toptier solutions but also reinforces our position as a market leader in the metering business.
“The assembly of meters, including the provision of our SisBa smart metering solutions, is set to commence in the second quarter of 2024, marking the beginning of an exciting phase in our operations for the financial year 2025.”