Karex to acquire US-based TheyFit assets for RM5.5mil

KUALA LUMPUR: Karex Holdings Sdn Bhd, a wholly-owned subsidiary of Karex Bhd, has signed an asset purchase agreement to purchase certain assets from Georgia, US-based TheyFit LLC worth US$1.3mil (RM5.55mil). 

Under the agreement, the condom manufacturer will acquire certain assets comprising the intellectual property including the TheyFit trademark for the condoms manufactured, all approvals to carry on its business including the Food and Drug Administration (FDA) approvals, the websites, the distribution agreement, business information, and inventory. 

“Karex’s subsidiary in the US, Global Protection Corp (GP), will manage the purchased assets from TheyFit moving forward,” it said in a statement on Tuesday.

Chief executive officer Goh Miah Kiat said with the intellectual property and patents such as FitKit and the FDA approvals, Karex would be able to build on its platform. 

“FitKit is a patented measurement kit which allows consumers to customise their size of condoms just like tailor-made clothes or shoes. GP will manage this expansion plan which I believe will certainly take our OBM (own brand manufacturing) business to the next level,” he added. - Bernama

Karex shares slumped 14 sen to close at RM4.09 on Tuesday, with 2.056 million shares being traded.