Inix negotiating with HK buyers on supply of gloves

INIX Technologies Holdings Bhd, which has just completed the acquisition of shares in L&S Gloves Sdn Bhd, is negotiating with two Hong Kong buyers on new orders for 240 million boxes of pure nitrile gloves within the next 24 months.

The price is expected to be set at US$9 (RM36.63) a box, Inix said.

In a statement, the company said its glove factory in Beranang, Selangor, was visited by a representative of two listed companies in Hong Kong yesterday to understand the progress of the production lines.

The representative, Hoo Ching Han, was appointed by Sunrise Progression Global Holdings Ltd and Seng Hoi Ltd.

Sunrise Group’s parent company Hong Kong Four Seas Group is currently the largest food company in Hong Kong and is mainly engaged in the supply of food raw materials, food manufacturing, food sales, restaurant chain operation and investment holding business.

“According to the mandate issued by Sunrise and Seng Hoi, they intend to sign a contract with Inix to order at least 240 million boxes of pure nitrile medical gloves for the next two years from March 1, 2021, to Feb 28, 2023,” Inix said.

Hoo said if the orders are accepted and filled, the two buyers would also like to invest, through Inix, another 20 production lines for nitrile medical gloves to fill their orders exclusively.

Sunrise and Seng Hoi are sister companies. The two companies cooperate in the oil and gas trading business in Hong Kong, and have strong financial backing.

Meanwhile, L&S Gloves director Teo Yoek Leong said Hoo had expressed strong interest after completing the inspection of the company’s glove factory.

“If this business deal is sealed and the selling price can be set at US$9 per box, Inix would easily make US$2 of profit per box,” he said.

Inix completed the acquisition of a 51% stake in L&S Glove two weeks ago, paving the way for the company to officially commence its new glove business division. — Bernama