Fintec appoints AE as EPCC contractor for 14 glove dipping lines for RM49m

TheEdge Fri, Nov 19, 2021 10:39pm - 2 years View Original


KUALA LUMPUR (Nov 19): Fintec Global Bhd said it has appointed AE Multi Holdings Bhd as the engineering, procurement, construction and commissioning (EPCC) contractor for 14 glove dipping lines in the former’s upcoming factory in Perak for RM49.37 million.

This follows a prior announcement by Fintec in Dec 2020 underlining its collaboration with AE’s wholly-owned unit AE Multi Industries Sdn Bhd (AEMI) and Ripcol Engineering Sdn Bhd for the factory’s development.

In its filing, Fintec expects the factory in Hulu Kinta to be completed by end-Feb 2022.

“The EPCC agreement is in line with the group’s expansion to diversify into the glove-manufacturing solutions business which is expected to contribute to the profitability of the group in the future,” AE said.

Fintec said the project will be funded partly from its proceeds of rights issue of RM114 million, as well as bank borrowings.

The EPCC agreement was signed between Fintec’s wholly-owned unit Fintec Glove Sdn Bhd and AEMI.

According to past reports, Fintec said it expects the facility to churn out 3.3 billion pieces of nitrile gloves per year. The facility is placed next to another glove factory belonging to its 13%-listed associate AT Systematization Bhd.

Shares of Fintec Global traded unchanged at 1.5 sen, giving it a market capitalisation of RM58.85 million. AE Multi Holdings Bhd share price closed unchanged at 4 sen, valuing the company at RM86.55 million.

The content is a snapshot from Publisher. Refer to the original content for accurate info. Contact us for any changes.






Related Stocks

AEM 0.130
AT 0.155
FINTEC 0.005
FINTEC-WC 0.000

Comments

Liew SK Sky
Like · Reply
qs@x#!ssßq

Login to comment.