by AZALEA AZUAR/FILE PIX 

INIX Technologies Holdings Bhd has signed an agreement to acquire a 51% equity interest in L&S Gloves Sdn Bhd, as part of its ongoing efforts to tap into the rubber glove industry.

Inix in a statement today stated that the ACE Market-listed company had paid a 45% deposit to purchase L&S Glove, which has two production lines in its factory in Beranang, Hulu Langat, that are in production.

Newly appointed chairman Tan Sri Mohamad Fuzi Harun said the two parties agreed to sign a formal memorandum today, following a site visit to L&S Gloves’ factory by Inix’s directors yesterday (Dec 3).

Inix vice chairman Datuk Tan Choon Hwa said the company had been actively seeking to develop new business and create company value over the past few months, including an entry into the rubber glove industry.

Its ED Siva Kumar Kalugasalam said the acquisition would make a positive contribution to the group’s future profitability.

“We believe this is the best choice for Inix to enter the glove production field,” he said.

L&S Gloves director Teo Xiong Sheng said the company will ensure their two production lines would be put into production as soon as possible.

“We plan to expand our own production to 14 lines within the next year or. Inix’s total investment into this project is estimated to be no less than RM50 million,” Teo said.

Director Teo Yoek Leong said the company is glad to find a vehicle to expand their rubber glove business and expand into the international market to assist the fight against Covid-19.

On Wednesday, Inix announced the appointment of Mohamad Fuzi, a former Inspector-General of Police, as chairman of the group to fill the vacancy left by the resignation of Macau billionaire, Wan Kuok Koi.

Inix’s share price closed 6.5 sen or 24.5% higher today at 33 sen, valuing the company at RM153.98 million.