Flexidynamic to acquire 100% of Formtech Engineering

KUALA LUMPUR: Flexidynamic Holdings Bhd has entered into two share sale agreements (SSAs) — one with HARPS Investment Asia Pte Ltd (HIA) and another with two minority shareholders — to acquire a 100% equity interest in Nilai-based glove former manufacturer Formtech Engineering (M) Sdn Bhd.

In a statement, the rubber glove solutions provider said under the terms of the SSAs, Flexidynamic will acquire the entire issued share capital of Formtech, comprising 8.3 million ordinary shares.

This acquisition forms part of Flexidynamic’s strategic plan to enhance its upstream capabilities and expand its footprint within the glove manufacturing supply chain.

Flexidynamic deputy managing director Ben Sin said the acquisition marks a key milestone in the company’s long-term strategy to deepen its vertical integration within the glove manufacturing ecosystem.

“We believe Formtech’s expertise and established presence in glove former manufacturing complement our existing strengths, and we are excited to explore the potential synergies this could bring to the group.