Top Glove Corporation Bhd’s RM1.37 billion acquisition of surgical glove producer Aspion Sdn Bhd shall be concluded in April 2018, said its Executive Chairman, Tan Sri Dr Lim Wee Chai.
He said a circular and an extraordinary general meeting (EGM) notice would be sent to the shareholders and the company would seek formalities in obtaining shareholder approval at its EGM in mid-March 2017.
“The sales and purchase agreement mentioned that Top Glove has to complete (the exercise) within three months. As we are moving towards it, we foresee there wouldn’t be any problems,” he told reporters after a briefing on the company’s first quarter financial results here today.
The acquisition comprised RM1.233 billion cash from new borrowings and RM137 million of new Top Glove shares issuance.
By combining the business activities, Top Glove would garner 29 % of global surgical market share and become the world’s single largest surgical glove producer.