ANZO Holdings Bhd has entered into a term sheet with Wintrade World Sdn Bhd on July 3 to acquire the assets at the consideration price of RM55 mil to produce medical and nitrile gloves.
The assets, according to Anzo, consist of lands, buildings, machineries, equipment and motor vehicles in Manjung, Perak.
“The assets is [sic] readily to be mobilised and commissioned to produce approximately 100 million pieces of medical and/or nitrile gloves per month,” Anzo said in a statement today.
The purchase consideration of RM55 mil was arrived “on a willing buyer and willing seller basis,” said Anzo, based on: “(i) management’s best estimate and enquiries on the market value of industrial properties located in the vicinity of the assets; and (ii) the capacity of the assets, and the expected profits to be derived from the products.”
Anzo said it would satisfy the purchase entirely in cash, “which will be financed through a combination of internally-generated funds, capital funding and financing from financial institutions.”
Anzo’s shares trended 18 sen or 6.06% higher after the midday break. – July 3, 2020
