The foray was expected to expand Jiankun’s revenue substantially, according to Tan Sri Mohamed Apandi Ali, (file pic) who was appointed as Jiankun’s chairman effective yesterday. PETALING JAYA: Property developer Jiankun International Bhd is venturing into the production of nitrile rubber for the booming rubber glove industry via a collaboration with Chuanplus Industries Sdn Bhd. The partners will form a special-purpose company (SPV) to build a production plant in Klang, Selangor, with an investment of RM120mil. Of the amount, RM50mil will be for the purchase of machinery, installations and equipment while RM70mil will be for the land acquisition cost. Jiankun, which will hold an 80% stake in the SPV, will be responsible for raising funds while Chuanplus will provide the production know-how.The foray was expected to expand Jiankun’s revenue substantially, according to Tan Sri Mohamed Apandi Ali, (file pic) who was appointed as Jiankun’s chairman effective yesterday.“I hope this (venture) will spur economic activities for the benefits of both parties, ” the former Attorney-General added during the partnership signing ceremony here yesterday.Meanwhile, Chuanplus chief executive officer Chuan Tuck Soon said their joint venture would be the third nitrile rubber producer in the country. At present, only one local company has begun producing nitrile rubber, accounting for 30% of the supply in Malaysia, while 70% is sourced from overseas. Chuan said the Jiankun-Chuanplus venture would start production in 2022. “If everything goes as planned, it is estimated that after the first year of production, the order book will top RM175mil, ” Chuan pointed out. In a filing with Bursa Malaysia yesterday, Jiankun announced that its executive chairman Datuk Lim Siang Chai had been redesignated as executive deputy chairman effective yesterday. The former deputy finance minister had been the company’s executive chairman since July 2013. — Bernama
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