Eye specialist TopVision buys majority stake in small glove exporter

KUALA LUMPUR: Topvision Eye Specialist Bhd is buying a majority stake in a small exporter and distributor of rubber gloves for RM450,000.

TESB on Friday said it has entered into a deal with Tan Zhe Wei and Tan Seng Kooi to acquire a 50.1% stake in Novel Glove International Sdn Bhd.

The sellers would remained as partners in the glove company, each with a 25.05% stake.

"The proposed Acquisition allows the Group to venture into the export and distribution of rubber gloves, which is a growing industry with foreseeable sustainable demand given current healthcare and environmental condition that encourage the usage of rubber gloves in a global context," TESB said in a filing today.

Novel made a profit after tax RM692,509 on revenue of RM5.98mil in financial year ended Aug 31, 2021.

"Upon completion of the Proposed Acquisition, Novel Glove is expected to contribute more than 25% of net profit of the Group," TESB said.

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