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KUALA LUMPUR (March 1): Inix Technologies Holdings Bhd said today that it has ceased its intention to acquire a factory in Sendayan, Negeri Sembilan under a joint venture, as part of a plan to set up a rubber gloves factory on-site.
The cessation follows the lapsing of a letter of intent signed between Inix and its joint venture partner Lyglan Properties Sdn Bhd for the venture, with an estimated cost of RM35 million.
Inix had intended to invest RM22.75 million or 65% of the company’s equity, paired with RM12.25 million from Lyglan for the remaining 35%.
The cessation comes weeks after Inix announced that it is buying 51% stake in operating glove-making outfit L&S Gloves Sdn Bhd, which is capable of producing 92.88 million pieces of gloves per annum, for RM6.5 million.
KUALA LUMPUR (Jan 21): The main index of Bursa Malaysia pared some of its gains in the mid-morning today as sentiment remained guarded on still-high local Covid-19 cases.
At 10am, the FBM KLCI was up 6.81 points at 1,608.35. The index earlier rose to a high of 1,615.22.
Losers overtook gainers by 425 to 362, while 416 counters traded unchanged. Trading volume was 1.64 billion shares valued at RM956.81 million.
The gainers included Panasonic Manufacturing Malaysia Bhd, Nestle (Malaysia) Bhd, Public Bank Bhd, JF Technology Bhd, Amtel Holdings Bhd and HPP Holdings Bhd.
The actively traded stocks included AT Systematization Bhd, HPP, Fintec Global Bhd, Dagang NeXchange Bhd (DNeX), DGB Asia Bhd, JF Technology, KTG Bhd and Inix Technologies Holdings Bhd.
Inix Technologies Holdings Bhd
Wan, 65, was the dragon head, or leader, of the infamous 14K triad, which operated out of Macau, a former Portuguese colony. It is said his reach spanned many parts of Europe.
Wan is better known by his gang moniker, Broken Tooth Koi. He was released from prison in Macau in December 2012 after serving a 14-year sentence for charges that included loan-sharking, money laundering and heading a criminal group, according to news reports.
Inix hogged the limelight in August when it announced Wan’s appointment as its independent and non-executive chairman.
At the time, several Hong Kong celebrities, via pre-recorded videos, congratulated Wan for being part of Inix, which “would become the world’s largest glove manufacturer”. Some of the videos are still on YouTube today, although comments have been disabled.
KUALA LUMPUR (Jan 11): The share price of circuit board maker PNE PCB Bhd, which last week announced its venture into rubber glove production, took a nosedive this morning after it leapt 54.55% last Friday.
The stock opened at 82.5 sen, which is below last week s closing of 85 sen, plummeting 18.24% or 15.5 sen to a low of 69.5 sen in less than an hour after the opening bell.
At 11.20am, the counter stood at 76 sen, still down nine sen or 10.59%. The counter saw 24 million shares changed hands.
The selldown this morning raises the question of whether PNE PCB is going to follow the same share price pattern an inverted V-shape trend as others that announced glove ventures.