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Top Glove plans to buy 85% stake in Duramedical


The deal is expected to be completed in the third quarter of financial year 2018.

The deal is expected to be completed in the third quarter of financial year 2018.

PETALING JAYA: Top Glove Corp Bhd plans to acquire a 85% stake in latex-based product manufacturer Duramedical Sdn Bhd in a move to diversify into the medical-related product segment.

The glovemaker said in a filing with Bursa Malaysia that its wholly owned subsidiary, Top Feel Sdn Bhd, had entered into a share purchase agreement with the existing shareholders of Duramedical for the 85% equity interest for a total sum of RM2.85mil.

The deal is expected to be completed in the third quarter of financial year 2018.

“The proposed acquisition represents an initiative to diversify into medical-related products, which cater to our current customer base in line with the group’s expansion plans,” said Top Glove in the filing.

Corporate News , M&A , Top Glove

   

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