Rubberex, Alliance Rubber abort RM113m deal

KUALA LUMPUR: Rubberex Corporation (M) Bhd has called off a proposed corporate exercise involving the purchase of glove business for RM113mil from Alliance Rubber Products Sdn Bhd.

Rubberex said on Tuesday the acquisition of the glove business and all the production facilities including plant, machinery and building, was aborted by mutual consent.

“The earnest deposit of RM100,000 has been refunded by the vendor, Alliance Rubber Products Sdn Bhd.

“Nevertheless, the board will continue to explore opportunities to grow and develop our businesses to enhance our earnings in the future,” said Rubberex. 

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