Company Briefs: Top Glove Corp

Top Glove Corp

Top Glove Corporation has alleged that based on an interim report by an independent accounting firm, there was an overstatement of assets and overvaluation to the tune of RM714.9 million (S$240 million) in Aspion, a company it acquired from Adventa Capital in April.

Top Glove, the largest maker of rubber gloves in the world that is listed on the Malaysian and Singapore stock exchanges, said it had undertaken its own investigations and hired an accounting firm to investigate the company once it had discovered alleged "irregularities in certain balance sheet items" of Aspion, shortly after it took over the company.

The interim report had discovered there was an overstatement of assets in Aspion's accounts amounting to RM74.4 million, while the acquisition price of Aspion was overstated by RM640.5 million, it alleged.

Top Glove said last Friday that it was suing Adventa Capital and two directors for up to RM714.9 million over an alleged "conspiracy" to defraud Top Glove and its unit in relation to the RM1.4 billion acquisition.

Yanlord Land

Real estate developer Yanlord Land Group has acquired a prime residential development site with 154,500 sq m of gross floor area in Hangzhou for about 2.94 billion yuan (S$602 million) through a public land auction.

The purchase was made through its wholly owned subsidiary, Hangzhou Renyuan Property Development Co. Situated within the Zhijiang Resort Centre of Xihu District, the site has a plot ratio of up to two times and benefits from the local government's initiatives to develop the area into a key cultural and lifestyle centre, Yanlord said.

AA Reit

The manager of AIMS AMP Capital Industrial Reit (AA Reit) yesterday announced an asset enhancement initiative for the $102 million NorthTech industrial building in Woodlands.

NorthTech is a four-storey high-technology, light industrial building with a basement carpark. The enhancement is due for completion in the second half of 2019 and will cost about $13 million.

The Reit manager said NorthTech will see upgrades to its passenger lift lobbies, toilets, drop-off area and external landscaping.

A new carpark will also be created while an energy-efficient air-conditioning system and lighting, as well as water-efficient fittings, will be installed.

A version of this article appeared in the print edition of The Straits Times on July 10, 2018, with the headline 'Company Briefs: Top Glove Corp '. Print Edition | Subscribe