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Inix invests RM23m to venture into rubber glove business

Inix invests RM23m to venture into rubber glove business

11 Aug 2020

Inix Technologies Holdings Bhd wants to invest RM35 million in a factory, paving way for its plan to enter into medical rubber gloves’ production.

In a bourse filing, the company announced that it has signed a letter of intent with Lyglan Properties Sdn Bhd to acquire a factory located at the Sendayan Industrial Zone in Negeri Sembilan.

In addition, Inix and Lyglan will set up a joint venture (JV) company to develop a medical rubber glove business. Under the JV, Inix will hold a 65% stake, investing RM22.75 million in it, while Lyglan will hold the remaining 35% stake with equity investment of RM12.25 million.

The two parties will then proceed to sign a share sale agreement, management agreement and shareholder agreement within 120 days (four months).

In a separate statement, Inix executive director Lee Han Keat said the agreement is the first step between Inix and Lyglan to establish a JV for the medical rubber glove industry.

Meanwhile, Lyglan director Datuk Lui Pak Leong said Lyglan can provide a one-stop solution to set up a rubber glove factory.

Today’s deal comes on the heels of the appointment of Wan Kuok Koi, a Macau tycoon, as Inix’s chairman, while Wan’s local representatives Lee and Datuk Tan Choon Hwa have been made executive director and non-independent and non-executive vice-chairman respectively. The appointments were made last Friday.

According to a statement on the trio’s appointments to the group’s board, Wan plans to take charge of Inix in order to deploy his rubber glove business in Malaysia.

Wan is the owner of Macau National Ying VIP and National Ying Entertainment Co Ltd. At the same time he is the founding president of the Macau-Malaysia Cultural and Economic Chamber of Commerce.

Bourse filings showed that Lee controls a 7.11% stake in Inix, while Tan holds a 4% stake.

The company has been the subject of greater investor interest of late. The counter has been rising in a vertical manner since last Wednesday, when it was trading at 14 sen apiece.

Inix shares reached their all-time high today at 81.5 sen, valuing it at RM265.06 million.

Source: The Edge Markets

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