On 3rd August 2022, Joe Glove proffered securing two bits of hardware from Fintec Glove Sdn Bhd for an all-out agreement cost of RM14.47 million.
In a bourse documenting, Joe Holding, the parent company of Joe Glove Bhd, pronounced that Joe Glove has got into a deal with Fintec Glove to buy double NBR/NR (nitrile butadiene rubber/natural rubber) powderless twofold previous plunging lines.
Fintec Glove, consolidated on 28th August 2020, basically assembled and exchanged Personal Protective Equipment (PPE) and elastic gloves apparatus, as well as renting elastic gloves hardware and subordinate gear, while Joe Glove, laid out on 18th January 2021, is basically associated with glove production.
The organization said the proposed obtaining could help the organization save costs by sharing assets with Fintec Glove. It also said that this deal would be resourceful for Joe's group from changing a processing plant into an elastic gloves fabricating provision.
Joe Glove's new plunging lines will be situated in Fintec Glove's facility. The organization said it would "give cost advantages by setting – up Joe Glove's new plunging lines in Fintec Glove's production house" and will likewise empower Joe Glove to concentrate and use Fintec Glove's mechanics. The company added that there would likewise be a lower cost of work as the glove production line is situated in a provincial region, which opens the door for Joe Glove to connect with more dealers to satisfy the plant necessities.
Joe Holding pronounced that the two bits of hardware are situated at Fintec Glove's processing plant created on empty land in Mukim Hulu Kinta, Daerah Kinta, Negeri Perak, Malaysia, estimating roughly 18,746 sq meters.