Top Glove gets shareholder nod for RM1.37b Aspion acquisition

The decision paves the way for Top Glove, the world's largest manufacturer of rubber gloves, to become the world's largest manufacturer of surgical gloves as well.
The decision paves the way for Top Glove, the world's largest manufacturer of rubber gloves, to become the world's largest manufacturer of surgical gloves as well.PHOTO: BLOOMBERG

SINGAPORE - Shareholders of Top Glove Corporation have given unanimous consent to its proposed acquisition of Aspion at an extraordinary general meeting held on Thursday morning (March 8).

This paves the way for Top Glove, the world's largest manufacturer of rubber gloves, to become the world's largest manufacturer of surgical gloves as well, said the mainboard-listed company.

Top Glove entered into a share purchase agreement with Adventa Capital to acquire Aspion for RM1.37 billion (S$461 million) in January this year. It will pay some RM1.23 billion in cash, funded from a combination of conventional term loan and Islamic term financing, while the balance of RM137 million will be satisfied by the issuance of around 20.5 million new shares at RM6.6813 apiece.

Top Glove executive chairman Lim Wee Chai said in a statement on Thursday: "This acquisition will further enable us to deliver innovative surgical glove products for our global customers as well as create significant value for our shareholders."

The company said it will also fortify its market leadership position by leveraging Aspion's technologies and innovations, as it continues to focus on R&D initiatives.

Top Glove was trading unchanged at S$3.21 as at 1.15pm on Thursday.