KUALA LUMPUR: Fintec Global Bhd has entered into a sale and purchase agreement with Joe Glove Sdn Bhd for the sale of two machinery for RM14.47mil.
In a filing with Bursa Malaysia, Fintec said its wholly owned subsidiary Fintec Glove Sdn. Bhd had entered into the agreement to sell two NBR/NR (nitrile butadiene rubber/natural rubber) powder free double former dipping lines to Joe Glove.
Fintec said the two pieces of machinery are located in the gloves manufacturing factory developed on vacant land in Kinta, Perak, measuring approximately 18,746 sq m.,
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“The strategic collaboration through the proposed sale would enable Fintec Glove to leverage on Joe Holding Group’s connection and networking in domestic and international market for sourcing and engagement of new customers,” it said.
In addition, Fintec said the proposed sale would result in cost savings on the gloves production by Fintec Glove.