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Inix pays 45% deposit to buy 51% of rubber glove factory

Inix pays 45% deposit to buy 51% of rubber glove factory

04 Dec 2020

Inix Technologies Holdings Bhd has paid a 45% deposit to L&S Gloves Sdn Bhd to acquire a 51% stake in the latter, marking Inix’s latest manoeuver to penetrate into the rubber glove industry.

Inix’s newly appointed chairman Tan Sri Mohamad Fuzi Harun said its board of directors visited the current site of L&S Gloves’ factory in Beranang, Selangor yesterday. After negotiation, the two parties agreed to sign a memorandum of agreement today.

Vice chairman Datuk Tan Choon Hwa said it has actively sought to develop new businesses and create company value in the past few months, including its entry into the rubber glove industry.

Inix reported to Bursa Malaysia today that L&S Gloves has two production lines in its factory in Beranang which is in production.

L&S Gloves director Teo Yoek Leong said it is happy to have finally found a vehicle to expand its rubber glove business into the international market and assist in fighting the Covid-19 pandemic.

“L&S Gloves will ensure that the two production lines can be put into production immediately. We plan to expand own production up to 14 lines in the next one year plus. Total Inix’s investment into this project is estimated to be no less than RM50 million,” said another L&S Gloves director Teo Xiong Sheng.

Inix executive director Siva Kumar Kalugasalam believes that this acquisition will make a positive contribution to the group’s future profitability and is the best choice for Inix to enter the glove production field.

Source: The Sun Daily