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BUSINESS

AE Multi subsidiary enters RM49.37 mln deal with Fintec Glove

19/11/2021 09:01 PM

KUALA LUMPUR, Nov 19 -- AE Multi Holdings Bhd (AEM) announced that its wholly-owned subsidiary, AE Multi Industries Sdn Bhd (AEMI) had today entered into an engineering, procurement, construction and commissioning (EPCC) agreement with Fintec Glove Sdn Bhd. 

In a filing with Bursa Malaysia, the company said the project sum is RM49.37 million being the all-inclusive, non-escalating fixed lump sum price for completion of the project.

Fintec Glove has agreed to appoint and engage AEMI to undertake the EPCC of up to 14 glove-dipping lines for the purpose of manufacturing medical-grade nitrile gloves, the company said.  

“The EPCC agreement is in line with the group’s expansion to diversify into the gloves manufacturing solutions business which is expected to contribute to the profitability of the group in the future.

“The EPCC agreement also will provide an alternative source of income to the group’s current core business,” AEM said. 

The company said the board, having taken into consideration all aspects of the agreement, is of the opinion that the EPCC agreement is in the best interest of the company.

The EPCC agreement is expected to contribute positively to the earnings per share, net assets per share and gearing of the company for the financial year ending March 31, 2022.

-- BERNAMA


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