JoeHoldings Behad announces that Joe Glove, the wholly-owned subsidiary of the company had entered into a sale and purchase agreement with FINTEC Glove for the proposed purchase of two NBR/NR Powder Free Double Former Dipping Lines (Machineries) from Fintec Glove for a total contract price of RM14.4 million.
According to its official released statement, the “machineries” are located at the gloves factory developed on the vacant land held under Pajakan Negeri 210005, Lot 304994, Mukim Hulu Kinta, Daerah Kinta, Negeri Perak, measuring approximately 18,746 square metre.
To recap, Fintec Glove is principally engaged in manufacturing and trading personal protective healthcare equipment and rubber gloves machinery, and leasing rubber gloves machinery and ancillary equipment. Whilst, JOE Glove is principally involved in glove manufacturing.
Also stated in the statement is that “JOE Glove agrees that upon the signing of the SPA, the title and risks towards the machineries shall be duly transferred to JOE Glove subject to the readiness of power and gas for the commissioning of the machineries by FINTEC Glove within six (6) months from the date of the SPA.
