Enviro-Hub Offsets SG$17.6 Million Payment as Pastel Glove Misses Profit Target

MT Newswires

04-07

Enviro-Hub Holdings (SGX:L23) said target Pastel Glove missed its SG$23.4 million profit guarantee for 2022-2024, posting losses each year during the profit guarantee period, according to a Friday filing on the Singapore Exchange.

The glove maker's vendors will forfeit the remaining SG$17.6 million in deferred payment, which is fully offset under the deal that will see Enviro-Hub acquire a 75% stake in Pastel Glove.

Vendor Law Siau Woei repaid part of the losses but missed the 2024 amount. Enviro-Hub may take legal action to recover the shortfall.

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