Top Glove says Adventa, Supermax not its acquisition target

PETALING JAYA: Top Glove Corp Bhd, which is working on an acquisition deal worth RM1 billion, clarified that it is not buying Adventa Bhd or Supermax Corp Bhd.
"Nonetheless, Top Glove is currently in negotiations to acquire a glove manufacturer, the terms and conditions of which have not been finalised at this juncture," Top Glove said in a filing with the stock exchange today.
It noted that further details of the proposed transaction will be announced to Bursa Malaysia in compliance with the requirements of the Main Market Listing Requirements once a definitive agreement has been entered into.
Both Adventa and Supermax also told Bursa Malaysia that they are not in talks with Top Glove.
"The company wishes to clarify that the speculating statement that Supermax may dispose of its assets at a premium to Top Glove is not true and misleading. No discussion was held between the company and Top Glove on this matter," Supermax explained.
Meanwhile, Adventa said it is no longer involved in the surgical glove manufacturing operations, which was speculated as being the take over target of Top Glove.
"Adventa had undertaken a restructuring exercise in 2012 whereby the company had on 25 July 2012, accepted the offer letter from Aspion Sdn. Bhd. to dispose of all of the surgical glove businesses and undertakings, including the liabilities and assets of Adventa other than the excluded business," it said, noting that the disposal was approved by shareholders on November 1, 2012 and was completed on November 30, 2012.
Top Glove had said it was hoping to clinch the acquisition deal by year-end.
At 12.30pm, Top Glove shares fell 12 sen or 1.8% to RM6.56, while Supermax declined 5 sen or 2.5% to RM1.99. However, Adventa rose 5.5 sen or 6.6% to 89 sen.