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ENGINEERING, PROCUREMENT AND CONSTRUCTION AGREEMENT ENTERED INTO BETWEEN FINTEC GLOVE SDN. BHD. ("FINTEC GLOVE"), A WHOLLY-OWNED SUBSIDIARY OF THE COMPANY, AND PASUKHAS SDN. BHD. ("PASUKHAS")

FINTEC GLOBAL BERHAD

Type Reply to Query
Reply to Bursa Malaysia's Query Letter - Reference ID IQL-02072021-00001
Subject ENGINEERING, PROCUREMENT AND CONSTRUCTION AGREEMENT ENTERED INTO BETWEEN FINTEC GLOVE SDN. BHD. ("FINTEC GLOVE"), A WHOLLY-OWNED SUBSIDIARY OF THE COMPANY, AND PASUKHAS SDN. BHD. ("PASUKHAS")
Description
FINTEC GLOBAL BERHAD ("FINTEC" or "the Company")
- ENGINEERING, PROCUREMENT AND CONSTRUCTION AGREEMENT ENTERED INTO BETWEEN FINTEC GLOVE SDN. BHD. ("FINTEC GLOVE"), A WHOLLY-OWNED SUBSIDIARY OF THE COMPANY, AND PASUKHAS SDN. BHD. ("PASUKHAS")
Query Letter Contents

We refer to your Company’s announcement dated 28 June 2021, in respect of the aforesaid matter.


In this connection, kindly furnish Bursa Securities with the following additional information for public release:-

 

1.     The sources of fund of the RM46,198,007.38 contract sum to be paid by Fintec Glove to Pasukhas, and the breakdown thereof.

2.     The relevant authorities’ approval required to be obtained for the Proposed Development and estimated time frame for submission of such applications.

3.     The expected date of commencement of operations of the glove manufacturing factory (“Factory”) for the 1st production batch of nitrile gloves.

4.     The production capacity and production output of the Factory.

5.     The relevant regulatory approvals, permits and/or licenses required to be obtained by Fintec Glove in connection with the manufacturing of the medical-grade nitrile gloves.  To state whether Fintec Glove has obtained any of these regulatory approvals, permits and/or licences, including the dates obtained.  If not obtained, the relevant dates of application.

 

Please furnish Bursa Securities with your reply within one (1) market day from the date hereof.

 

Yours faithfully,


LISTING

REGULATION

 

copy : Market Surveillance Dept. , Securities Commission (via fax)

(For consistency purposes, the abbreviations and definitions used throughout this announcement shall have the same meanings as those previously defined in the Company’s announcement dated 28 June 2021 in relation to the EPCA.)

 

We refer to the earlier announcement in relation to the EPCA dated 28 June 2021 (“Announcement”).

 

The Board of Directors of FINTEC wishes to announce the following additional information:

 

1. The sources of fund of the RM46,198,007.38 Contract Sum to be paid by Fintec Glove to Pasukhas, and the breakdown thereof.

 

The Contract Sum will be funded by way of a mixture of funds (mainly derived from the proceeds raised from the issuance of rights issue with warrants which was completed on 28 December 2020 and has raised approximately RM114 million) and bank borrowings to be secured by Fintec Glove or the Company, of which the exact breakdown is yet to be determined at this juncture. The exact breakdown will be determined later and will depend on amongst others, the Company and its subsidiaries (“Group”)’s cash reserves, gearing level and future funding requirements for the Proposed Development.

 

2. The relevant authorities’ approval required to be obtained for the Proposed Development and estimated time frame for submission of such applications.

 

The relevant authorities’ approval required to be obtained for the Proposed Development and estimated time frame for submission of its applications are set out below:

 

Relevant authorities’ approval

 

Estimated time frame for application submission

1. Kebenaran Merancang (‘Planning Approval’)

Not applicable as it was obtained on 28 April 2021

2. Fire and Rescue Department Approval

Not applicable as it was obtained on 29 March 2021

3. Lembaga Air Perak Approval

End July 2021

4. Building Approval

Middle July 2021

5. Indah Water Konsortium Berhad Approval

Not applicable as it was obtained on 21 April 2021

 

3. The expected date of commencement of operations of the glove manufacturing factory (“Factory”) for the 1st production batch of nitrile gloves.

 

The expected date of commencement of operations of the Factory for 1st production batch of nitrile gloves is in the first quarter of year 2022.

 

4. The production capacity and production output of the Factory.

 

The annual production capacity is 3.3 billion upon commencement of the operation for the entire 14-dipping lines. The production output of the Factory is unable to be determined at this juncture as Fintec Glove will commence the operation of the dipping lines in stages due to the fluctuating cost of the machineries.

 

5. The relevant regulatory approvals, permits and/or licenses required to be obtained by Fintec Glove in connection with the manufacturing of the medical-grade nitrile gloves. To state whether Fintec Glove has obtained any of these regulatory approvals, permits and/or licences, including the dates obtained. If not obtained, the relevant dates of application.

 

The relevant regulatory approvals, permits and/or licences required to be obtained by Fintec Glove in connection with the manufacturing of the medical-grade nitrile gloves are set out below:

 

Relevant authorities’ approval

 

Target / actual date of application submission 

1. Manufacturing License to be issued by Malaysian Investment Development Authority (MIDA)

 

21 January 2021

 

2. Business Premise License to be issued by Majlis Bandaraya Ipoh

 

Early March 2022

 

The announcement is dated 7 July 2021.





Announcement Info

Company Name FINTEC GLOBAL BERHAD
Stock Name FINTEC
Date Announced 07 Jul 2021
Category General Announcement for PLC
Reference Number GA1-05072021-00105




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