hi Conair, Good Fellow, Mehmed Fahmi, recent announcement related to acquisition of Yoon Mee Realty's properties triggered some after thoughts and perhaps, I should be more cautious / conservative and continue to observe the corporate development based on publicly available information. GSB (56% Luster + 44% YVH via FTSB) - FTSB to provide technical know how while Luster to provide financing. Private placement issued for the glove JV. (1) GSB made acquisition of properties from Yoon Mee Realty (related to YVH family) bearing the address 154, Jalan Empat, Olak Lempit, Banting Selangor as per the announcement. (2) GIIB Healthcare Product - GHP (51% GIIB + 49% YVH) incorporated end of last year with the principal business of gloves trading. And GHP signed a supply agreement for Glomaxes to supply latex gloves to GHP. The details of the supply agreement is available in GIIB announcement last year. (3) Glomaxes was incorporated on 25 July 2014 has been involved in trading and manufacturing of latex gloves since 2014 and YVH is one of the director of Glomaxes. YVH and parents holding 70% of the shareholding of Glomaxes. Coincidentally, Glomaxes has a factory in Banting Selangor too; perhaps not too far from Yoon Mee Realty's properties acquired by GSB. Based on these publicly available information plus the fact there were a total of 4 private placement done by Luster since end of 2019 to end of 2020, I am still trying to figure out the following: (1) Will there be any connection between GSB and Glomaxes in future? If you can visualize the block diagrams :) (2) Will there be further acquisition of interest or etc via issuing of pp again? Additional pp is definitely a concern personally for me; and seeing one of the director sold partial the pp at 0.20 which were acquired at 0.125. These are just my opinions and could be wrong. Hope it helps with your research. Please do not hesitate to share your opinions too.

hi Cheng, if there is a collaboration between GSB and Glomaxes i would perceive this as good news for glove trading business.
Buying properties from YoonMee Realty is actually benefit the buyer, allow the contruction works proceed ahead schedule.
I don't see any risk or disadvantages that you are concern. kindly share you thought.

Hi Ipman01, it’s just my after thoughts upon putting all the informations available together. Will just observe what happens next and decide accordingly. It will be interesting to observe the utilisation of the total proceeds $91M from last two pp whereby $60M is for the glove business and $30M for the audio sound system general working capital. For now, $3.8M from the $60M has been allocated to the property acquisition related to YVH. Current cash flow doesn’t seems to be able to support any other acquisitions as there isn’t much cash generated from existing operation. Will just be conservative for now and observe how it unfolds - peeling the onions layer by layer. Just my opinions, could be wrong. Hope it helps.

You are welcome, Ipman01 and Conair. There is no new pp for now and if there is, it will be surprising. You are right that previous PP has raised enough fund for the new glove plant and there isn't much opportunity for further acquisition or JV based on the latest Q4FY20 balance sheet report. I hope there is nothing fishy too and there wasnt much concern until the recent Yoon Mee Realty's property acquisition and coincidentally Glomaxes is within the same street; related to YVH. And Glomaxes seems to have submitted FDA registration and device listing via Registrar Corp; with the products proprietary name bearing Glovmaster. For now, I could not figure out what will be the future relationship between GSB and Glomaxes. Will continue to wait for more publicly available information and announcements. Please do not hesitate to share if you come across new information too. Thanks.