Kuala Lumpur – Malaysian holding group Inix Technologies Holdings Berhad and property company Lyglan Properties Sdn Bhd have inked a letter of intent to establish a medical rubber gloves production joint venture amid hiking demand.
To be based in Sendayan Industrial Zone in Negeri Sembilan, on the Malay Peninsula's southwest coast, the proposed JV will be 65% owned by Inix and 35% owned by Lyglan, said an Inix filing with the Kuala Lumpur Stock Exchange 14 Aug.
The two companies have made an initial investment RM35 million (€7 million) in acquiring a two-hectare land, according to the KLSE filing.
Despite being a new entrant to the gloves industry, Inix said its joint venture partner and Lyglan director Dato Lui Pack Leong brings with him 15 years of experience in the rubber glove industry.
In addition, it said, Leong has experience in building factories, installing machinery, producing packaging, certification and exporting of medical rubber gloves.
The proposed JV’s primary target market is the Asia Pacific, followed by Europe and the Americas, according to the filing.