MALAYSIA: Top Glove gets green light to acquire Aspion for MYR 1.37 billion
Top Glove Corp Bhd has received the shareholders' nod for its proposed acquisition of surgical glove producer Aspion Sdn Bhd (Aspion) for MYR 1.37 billion, the largest merger and acquisition (M&A) in the group's history.
The purchase sum will be satisfied with MYR 1.233 billion cash, while the balance via the issuance of 20.51 million new Top Glove shares.
The group said in a statement that the acquisition will pave the way for it become the world's largest manufacturer of surgical gloves.
Top Glove noted that the proposed acquisition is well aligned with its strategy to effectively and sustainably grow its business inorganically, in tandem with its organic expansion plans.
"Upon completion, Top Glove will be well-positioned to serve its enlarged customer base more effectively, with an enhanced range of high quality and cost effective medical gloves across multiple categories including surgical gloves, examination gloves as well as other market-leading innovative glove products."
It added that the group will fortify its market leadership position by leveraging on Aspion's technologies and innovations as it continues to focus on R&D initiatives.
Citing the group is still on an expansion mode, Top Glove executive chairman Tan Sri Lim Wee Chai said he is looking forward to more M&As in order to grow and to solidify its leadership position in both the glove and healthcare industry.
Source: “The Sun Daily”, Petaling Jaya; 8 Mar 2018
(Syed Rashid Ali, Karachi, Pakistan)