By JASMINE NG
Biosensors International on Friday said its subsidiary, Biosensors Interventional Technologies, has signed a land lease with JTC Corporation to develop a new manufacturing, research and development centre in Singapore.
The 12,000 sq m land is located in Tukang Innovation Park. The lease is granted for a term of 30 years, with an option to renew for another 30 years.
The construction is expected to be completed within three years and will cost $76 million.
The acquisition and construction project will be funded through internal resources and bank borrowings.
'We expect our overall facility costs to be more economical in comparison with long term leasing over the same period of time,' executive chairman Yoh-Chie Lu said.
'By leveraging the building construction cost with commercial bank funding, we should also be able to minimise our upfront cash outflow for this investment,' he added.
Biosensors on Friday also announced organisational changes to its senior management team.
Jack Wang has been appointed CEO of Biosensors. He was previously co-CEO.
Jeffrey Jump - who was also co-CEO - assumes the role of president for the firm's newly-created cardiovascular business unit.
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