Adventa, Supermax not acquisition targets, says Top Glove

PETALING JAYA: Top Glove Corp Bhd, which is working on an acquisition deal worth RM1 billion, clarified that it is not buying Adventa Bhd nor Supermax Corp Bhd.
“Nonetheless, Top Glove is 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 yesterday.
It noted that further details of the proposed transaction will be announced to Bursa Malaysia, once a definitive agreement has been entered into. Top Glove reportedly hopes to clinch the acquisition deal by year-end.
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.
At yesterday’s market close, Top Glove shares fell 29 sen or 4.3% to RM6.39, while Supermax declined 15 sen or 7.4% to RM1.89. Adventa also slid 8 sen or 9.6% to 75.5 sen.