KUALA LUMPUR (Jan 15): George Kent (Malaysia) Bhd has ventured into Vietnam with a new subsidiary that will operate an assembly plant capable of producing 600,000 water meters annually, and is set to commence operations in the second quarter of 2024.

The group’s wholly owned subsidiary George Kent International Pte Ltd (GKI) has invested up to US$532,000 (RM2.46 million) for a 70% stake in George Kent (Vietnam) Company Ltd, it said in a statement on Monday.

The remaining 30% stake is held by Pham Nguyen Hoang, a Vietnamese entrepreneur with over 30 years of experience in the metering distribution business.

According to George Kent chairman Tan Sri Tan Kay Hock, the new plant has an annual assembly capacity of 600,000 meters and strengthens the group’s ability to meet growing demand for water meters in Vietnam and potentially in neighbouring regions.

“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,” he said.

Shares in George Kent closed unchanged at 51 sen on Monday, giving it a market capitalisation of RM287.87 million.