KUALA LUMPUR (Jan 13): Adventa Bhd’s unit is buying a 32,400 sq m industrial plot in Indonesia for RM13.06 million (45.04 billion rupiah) to set up a manufacturing facility there.

The healthcare supplies and equipment provider said PT Adventa Biotech International will be buying the property, located in Jawa Tengah, Indonesia, from PT Kawasan Industri Kendal.

PT Adventa Biotech is 99%-owned by Nextech Med Pte Ltd while Adventa executive director Low Chin Guan owns 1%. Adventa, which is 38.6%-owned by Low, owns 49% stake in Nextech, according to the group’s latest quarterly report.

PT Kawasan Industri Kendal, meanwhile, is 51%-owned by PT Jababeka Tbk and 49%-owned by SembCorp.

Adventa said the land has a 30-year leasehold tenure, expiring in 2053, and that it will fund the acquisition via a combination of internal funds and bank borrowings.

The group expects the acquisition to be completed by May this year.

Adventa’s cash and bank balances stood at RM4.05 million as at the third quarter ended Sept 30, 2022 (3QFY2022), down from RM7.8 million as at end-2021.

For 3QFY2022, the group slipped into a net loss amounting to RM1.9 million, from a net profit of RM2.53 million a year ago, as revenue dropped 76% to RM10.26 million from RM43.42 million because demand for personal protective equipment products was gradually returning to pre-pandemic levels.

For the cumulative nine months ended Sept 30, 2022 (9MFY2022), Adventa incurred a net loss of RM1.1 million versus a net profit of RM9.12 million in the previous corresponding period, while revenue declined 34% to RM50.46 million from RM76.44 million.

Shares of Adventa closed one sen or 1.6% lower at 63.5 sen on Friday, giving it a market capitalisation of RM97.02 million.