Top Glove says not buying Adventa nor Supermax

KUALA LUMPUR: Top Glove, which has allocated about RM1bil to expand via mergers, has denied news reports the target companies are Adventa Bhd and Supermax Corporation Bhd.

In an announcement to Bursa Malaysia on Tuesday, it said the board of directors was constantly evaluating merger and acquisition opportunities as part of its business expansion strategy. 

“The board, however, wishes to clarify that Top Glove is not acquiring/buying Adventa or Supermax.

“Nonetheless, Top Glove is currently in negotiations to acquire a glove manufacturer, the terms and conditions of which have not been finalised at this juncture,” it said.

Top Glove's share price, which had rallied following its strong earnings recently, fell 12 sen to RM6.56 at midday.

Adventa was up 5.5 sen to 89 sen at midday, off the intra-morning high of 97.5 sen.