MALAYSIA: Careplus sells half of its stake in glove making unit to Ansell in JV deal
Careplus Group Bhd is selling half of its stake in a wholly owned rubber glove manufacturing unit to Australian-listed Ansell Ltd for MYR 26.8 million under a joint venture deal. The agreement also comes with an option for Ansell to acquire Careplus's remaining 50 % stake in the joint venture company.
"The proposed joint venture will serve as an avenue for Careplus to grow Careplus (M) Sdn Bhd's (CMSB) business, leveraging on the knowledge and cooperation of Ansell, one of the global players for glove manufacturing in the market," the company said in a filing with Bursa Malaysia (stock exchange) on 5 Febuary 2020.
"Ansell group’s existing global footprint offers new market opportunities for CMSB’s upstream segment to grow its business," Careplus said. "The management of Careplus also wishes to highlight the potential full disposal of Careplus’ entire equity interest in CMSB, via the exercise of the call option by Ansell," it said.
Source: Daily “The Star”, Kuala Lumpur; 5 Feb 2020
(Syed Rashid Ali, Karachi, Pakistan)