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Rubber glove solutions provider Flexidynamic Holdings Bhd (KL:FLEXI) has proposed to expand its business in the industry by acquiring a manufacturer of glove formers.
In a bourse filing on Thursday, the group said it has entered into a memorandum of understanding (MOU) with HARPS Investment Asia Pte Ltd (HIA) for the acquisition of Formtech Engineering (M) Sdn Bhd.
For the latest development project, Magma Group expects a gross development value (GDV) of about RM439.83 million, with an estimated gross development cost (GDC) of RM249.79 million.
The project is expected to generate a gross profit of about RM110.26 million over a 42-month period.