Permaju Anzo Tie Up To Boost Glove Production


Permaju-Anzo Tie-Up To Boost Glove Production | Permaju Industries Bhd, which ventured into bottling and distributing sanitiser products and selling air purification products amid the Covid-19 pandemic has partnered Anzo Holdings Bhd to jointly expand the latter's glove manufacturing plant in Manjung, Perak


Anzo is paying about RM55 million to acquire Wintrade World Sdn Bhd which owns the land (about 8 acres), factory, machinery and equipment

It told Bursa Malaysia recently that the assets are ready to be mobilised and commissioned to produce 1.2 billion pieces of medical or nitrile gloves a year

But Anzo needs to produce more than 3 billion pieces of the gloves as it has received orders worth a total of US$200 million from the United States and Europe






Permaju and Anzo will work together and refurbish the existing 9 production lines at the factory, and add 5-7 new lines as soon as possible to start supplying the medical gloves to the United States and Europe as early as September this year

It has been said that the total investment by Permaju and Anzo to refurbish and to expand the factory is around RM25 million

Both Permaju and Anzo have done a feasibility study on the Manjung factory to look at the fastest way to move the production of the gloves

There is a high possibility that Anzo will be getting more orders from the United States and Europe as the number of Covid-19 cases worldwide keep increasing

The current confirmed cases stand at 12.5 million and the death toll is 560,000 worldwide. In the United States alone the confirmed cases are 3.29 million and the death toll stands at 137,000

Investors seem to be bullish on Anzo and the stock has been trading at high volume since last month prior to the company announcing its move to glove manufacturing

Interestingly, when CSTME Resource Sdn Bhd ceased to be a substantial shareholder in Anzo on July 8, the market seemed unfazed about it


CSTME emerged as Anzo's largest shareholder on June 23 with an indirect 11.62% stake. The stock closed 13 sen that day

CSTME disposed of its shares in Anzo on July 8 via the open market. CSTME sold a total of about 115 million shares at 23 sen worth about RM25 million. It sold the shares at 81 per cent higher than its buying price

Even though CSTME sold its shares in Anzo, the stock continued to trade actively. It closed 20 sen on July 10 and the average daily volume exceeded more than 100 million shares for 8 days

We think Anzo will hit a second wave of high trading this week. It could hit limit-up or surge beyond 30 sen as we feel that CSTME's exit as a substantial shareholder could pave the way for a new substantial shareholder to come in

There are already talks that a global fund from China or Hong Kong, as well as a major investor from the United States have been buying up shares in large amounts in Anzo

Anzo is the cheapest stock on Bursa that is involved in glove manufacturing. Once production starts and it churns out 3 billion pieces of medical gloves a year, the stock could hit RM1.00, surging as quickly as Top Glove, Kossan and Hartalega

Permaju has also been trading actively this past one week. The stock, which was hovering around 25 sen to 29 sen for three weeks rose to 36 sen on July 7. 
We expect high trading volume this week for Permaju and for the share to exceed 40 sen with its partnership with Anzo and other new announcements the company might make



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