KUALA LUMPUR (July 23): Nexgram Holdings Bhd's subsidiary has partnered with Indonesian firm PT Mitra Abadi Propertindo Utama (MAPU) to distribute personal protection equipment (PPE) in Indonesia.
In a stock exchange filing, the loss-making firm said its wholly-owned Nexgram Biomedic Sdn Bhd (NBSB) has inked a conditional offtake and purchase agreement with MAPU, under which NBSB will sell PPE — including AAMI isolation gowns powder-free nitrile examination gloves — to MAPU that MAPU will promote, market and distribute in Indonesia.
Under the agreement, NBSB will sell two million pieces of the isolation gowns and 500,000 boxes of gloves to MAPU every month, starting from November 2020 until October 2021. There is also an option to extend the deal for another 24 months on mutual agreement of both parties.
Nexgram expects this agreement to contribute positively to its earnings during the tenure of the agreement.
Nexgram's shares closed unchanged at four sen today, giving it a market capitalisation of RM94.35 million, after some 57.38 million shares were traded.