Malaysian firm Fintec Global Bhd’s rubber glove unit is to build a rubber glove factory in the state of Perak in Malaysia for RM58.87 million. The 10,000 sq m factory will house up to 14 glove dipping lines, which will be used to manufacture medical-grade nitrile gloves.
Fintec has awarded the building contract to Pasukhas Sdn Bhd to design, build and deliver a turnkey glove manufacturing factory in Kinta, Perak.
Fintec Global said production will begin in July and the main factory building is located on a 4.6-acre piece of land.
With 14 glove dipping lines, its manufacturing capacity would be 32,000 pieces/hour with a capacity of 3.3 billion pieces/year.
Fintec Glove said it is on track to deliver on its recently announced memorandum of agreement for distribution into European Union market with international distributor Robayu Corp sp zoo to supply 42 million pieces/month of medical grade examination nitrile gloves into Poland and Eastern Europe, starting in the third quarter of 2021.
Fintec noted that amid the conducive backdrop for medical glove demand, it expects to recuperate its capital cost within three years, assuming the average selling price of each glove remains above US$0.20 cents apiece.
“As the pandemic has caused the demand for gloves to spike resulting in a supply shortage, medical gloves are now selling at US$0.12 cents per piece,” it said.
Last year, Fintec announced that it was collaborating with AE Multi Holdings Bhd’s unit AE Multi Industries Sdn Bhd and Ripcol Engineering Sdn Bhd to construct the 14 glove dipping lines.
Fintec Global Berhad was founded in year 2007 under the name of Asia Bioenergy Technologies Berhad and was initially primarily focused in the gathering and linking of talents, technology, capital and industrial know-how to leverage on entrepreneurial talents and accelerate the development of new start-up companies in the local bioenergy arena.
In 2017, it changed its name to Fintec Global Berhad to reflect its expansion beyond the local bioenergy sector into diverse industries in Malaysia.