a bullish descent block is formed yesterday...confirmation 19.5 to see the price goes higher ...should price pullback then chance to AD at 17.5 to 18.5...uptrend still intact
For everyone who missed this news on DGSB at Bursa official website . Enjoy for future ! ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Reference is made to the Company’s announcement dated 30 October 2020 in relation to the Proposals. On behalf of the Board, M&A wishes to announce the following additional information with regards to the Proposals.
1. The commencement date of production of Duramitt Sdn Bhd (“Duramitt”)’s medical examination glove production lines.
Duramitt will install & commission 2 single former nitrile examination glove production lines by early 2021 and another 2 double former nitrile examination gloves production lines by the second quarter of 2021. As such, production is expected to commence in the first quarter of 2021.
2. The regulatory approvals/permits/licenses required to venture into the production and sale of medical examination glove, the dates on which they were obtained or will applied for.
Duramitt has obtained the requisite business license on 28 August 2020, manufacturing license from the Ministry of International Trade and Industry on 12 February 2014, customs license on 22 January 2019, and Malaysian Rubber Board license on 1 April 2020. The relevant approvals from the Ministry of Health will be sought in due course.
3. Proposed utilisation by Duramitt of the total proceeds of RM30 million to be raised from the Proposed Investment.
RM18 million will be used for the purchase, installation & commissioning of 2 single former nitrile examination glove production lines at the current factory in Kulim, Kedah, and the balance RM12 million will be used as working capital for Duramitt.
4. The date on which Duramitt commenced business.
Duramitt commenced its industrial and specialised glove manufacturing and trading business since 12 May 2000.
5. The terms of payment by Paragon Spectrum Sdn Bhd (“PSSB”) of the Share Subscription Consideration.
The Share Subscription Consideration shall be paid in one lump sum by PSSB to Duramitt within 7 days after the Completion Date, which falls within 30 days after all the conditions precedent of the Share Sale and Subscription Agreement have been fulfilled. The Share Subscription Consideration will be funded by equity capital funds and/or shareholders’ advances which will be contributed proportionately by the shareholders of PSSB in proportion to their respective shareholdings.
6. To quantify the amount of the total consideration for the Purchase Consideration, Share Subscription Consideration and RPS Subscription Consideration to be contributed by DGSB, the sources of funding and the breakdown.
The total sums to be contributed by DGSB based on its 60% shareholding in PSSB is RM24 million. This will be funded by the internally generated funds, equity fundraising and/or bank borrowings of DGSB, the proportions of which will be determined at a later date after taking into consideration of DGSB’s gearing level, interest costs and cash reserves.
7. The markets for the medical examination gloves to be produced by Duramitt.
The markets for the gloves to be produced by Duramitt include the medical, services, hospitality, manufacturing and engineering industries.
KUALA LUMPUR (Nov 5): The Ministry of Plantation Industries and Commodities (MPIC), through the Malaysian Rubber Council (MRC), is always drafting and implementing short-, medium- and long-term plans to maintain Malaysia's global leadership in the production of rubber gloves.
Minister Datuk Dr Mohd Khairuddin Aman Razali said that under the short- and medium-term plans, MRC will continue to carry out promotional activities overseas, such as participating in international trade expositions together with industry players, organise trade missions and educational seminars, business matching and advertising in international media.
"These promotional activities not only include leading rubber glove markets such as the United States and Europe but also cover most populous countries with high potential like China, India, Indonesia, Vietnam, Brazil and Russia,” he said during the question-and-answer session in the Dewan Rakyat today.
He was replying to a question from Wong Chen (PH-Subang) who wanted to know about the policies planned by the Ministry to strengthen Malaysia’s global leadership in rubber glove production.
Through the long-term plan, Mohd Khairuddin said the Ministry via MRC will focus on boosting investment activities by industry players and empower the downstream rubber industry to improve the competitiveness and value of rubber glove exports from Malaysia.
These include offering incentives for automation and green technology launched in 2019 totalling RM20 million.
To-date, about RM7 million has been approved for 14 projects including procurement of automatic rubber glove packaging, latex dipping and automatic glove stripping machines for automation incentives.
He also said that an industry relations fund was set up to promote cooperation between researchers and industry players to boost research and development and innovation in the rubber downstream sector.
To date, Mohd Kharuddin said nine companies including Mah Sing Group Bhd, AT Systematization Bhd and Hong Seng Bhd have announced plans to set up new rubber glove factories in Malaysia.
In addition, at least five existing glove companies will expand their respective capacities, such as Top Glove Corp Bhd, Hartalega Holdings Bhd and Supermax, he said.
The Ministry also encourages investment in new rubber glove factories in cooperation with the state government such as in Terengganu where a local rubber glove factory is having talks with a State government-linked company to set up a plant in Kerteh, Terengganu.
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
FutureGains
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Posted by FutureGains > 2020-11-02 22:49 | Report Abuse
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