Singapore-listed Enviro-Hub Holdings — known for its forays in the recycling and property investments — has diversified into a new business: Glove making. The company, led by executive chairman Raymond Ng, is in the midst of acquiring Ipoh-based glove maker Pastel Glove. The target was set up last September by Law Siau Woei and Choo Kuan Ping — who hold stakes of 97% and 3% respectively — to meet the surge in demand for rubber gloves during the Covid-19 pandemic.

On Jan 12, Enviro-Hub announced it is investing US$125,000 ($168,970) for a 25% stake in Pastel Glove, on top of a loan of US$4.87 million. On May 21, Enviro-Hub announced it is acquiring the remaining 75% for $46.8 million, which will be paid using $23.4 million in cash.

The remainder will be settled by issuing 292.5 million new Enviro-Hub shares at 8 cents each. This will make Law the second largest Enviro-Hub shareholder, with a stake of around 19%.

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