(Yicai Global) Oct. 16 -- Shandong Intco Medical Products Co. [SHE:300677] (SIMP) plans to invest at least USD152 million (CNY1 billion) in Huaibei, in the east-central Chinese province of Anhui to build a project with an annual production capacity of 28 billion high-end medical gloves in two to three years.

SIMP today signed a letter of intent on the investment project with the People's Government of Suixi County in Anhui province, which borders Jiangsu, Shandong and Henan provinces, the disposable medical product and durable equipment maker said today.

The project will be situated in the Suixi Wuhu Modern Industrial Park.

The People's Government of Suixi County will provide SIMP with about 99 acres of land for the project, which will be transferred to the company in accordance with legal procedures, per the agreement, the announcement said.