Rubberex calls off acquisition of Alliance Rubber

  • Business
  • Wednesday, 01 Jan 2014

PETALING JAYA: Rubberex Corp (M) Bhd has announced that its proposed acquisition of Alliance Rubber Products Sdn Bhd’s glove business and entire production facilities, including plant, machinery, equipment, land and buildings, for RM113mil has been aborted by mutual consent.

The deposit of RM100,000 has been refunded by the vendor.

Rubberex had in July proposed to make this acquisition.

“The acquisition would be strategic and synergistic to Rubberex’s existing operation. Besides complementing its existing range of products, it is expected to contribute significantly to the future earnings of the group,” it had said back then.

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