TITIJAYA Land Bhd and Rubberex Corporation (M) Bhd have entered a collaboration and distribution agreement (CDA) to sell gloves to the China market.
The CDA is between Rubberex and Titijaya Resources Sdn Bhd, a wholly-owned subsidiary of Titijaya.
It is to collaborate, distribute, export and sell gloves to the China market via Sinopharm Medical Equipment QuanZhou Co Ltd.
In return, they will collaborate, distribute, import and sell the personal protection equipment and medical products from Sinopharm.
Though there is no corporate vehicle from this CDA, a special purpose corporate vehicle will be incorporated where necessary. The agreement is also valid for 12 months from Aug 12, 2020, the date of the agreement.
Both groups, in their respective bourse filings on Aug 13, believe that the CDA will contribute positively to the future earnings of their groups.
At the end of the trading day, Titijaya’s shares were at 60 sen, down 4.5 sen, with 26.2 million shares traded, while Rubberex saw its shares last traded at RM5, up 23 sen, with 7.9 million shares changing hands. – Aug 13, 2020
