KUALA LUMPUR: Jiankun International Bhd has entered a memorandum of understanding with Chuanplus Industries Sdn Bhd to negotiate a potential collaboration in nitrile rubber production.It said in a filing with Bursa Malaysia that the parties will negotiate the investment of RM50mil to produce nitrile rubber for the rubber glove industry.The parties will form a special purpose vehicle (SPV) to build a new nitrile rubber production plant and enter the upstream production of nitrile gloves.It is proposed that Jiankun will have 80% ownership of the SPV while Chuanplus holds the remaining 20%.Jiankun will be responsible for raising funds while Chuanplus will provide the technology know-how to produce NBR.Other details of the plan include the earmarking of RM50mil for the purchase of machinery, reactors, installations and all equipment.The venture could also include the prospect of renting a factory or a possible acquisition of a factory for RM70mil."The MOU is not expected to have any material effect on the issued and paid-up capital of the Company and the substantial shareholders’ shareholding."The MOU is not expected to have any material effect on earnings per share nor net assets per share of the Group for the financial year ending 31 December 2020," said Jiankun.
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