Top Glove acquires Adventa Capital unit for RM1.37b

The Top Glove factory. — Malay Mail picThe Top Glove . — Malay Mail pic, Jan 12 — ’s Top Glove Corp Bhd said on today that it has acquired a surgical glove business owned by Adventa Capital Pte Ltd for RM1.37 billion.

The acquisition of Aspion Sdn Bhd makes Top Glove one of the world’s largest surgical glove manufacturers, on top of being the largest rubber glove manufacturer globally.

The company said in a statement that RM1.233 billion would be paid in cash while the remainder would be paid with Top Glove shares.

Top Glove will raise US$310 million (RM1.24 billion) via conventional and Islamic financing facilities to help fund the acquisition, the statement added.

Hong Leong Investment Bank was transaction and principal advisor for Top Glove while was the sole financial advisor for Adventa Capital. — Reuters

Source: The Malay Mail Online

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