The Board of Directors of TOP GLOVE wishes to announce that the wholly-owned subsidiary of the Company, Top Glove Sdn. Bhd. had on 14 September 2016 acquired the entire issued and paid up share capital of Top Glove Chemicals Sdn. Bhd. ("TGCSB"), comprising 2 ordinary shares of RM1.00 each fully paid up in the capital of TGCSB for a total cash consideration of RM2.00 ("the Acquisition").
TGCSB is set up for manufacturing of chemicals and chemical compounds.
Resulting from the Acquisition, TGCSB becomes a wholly-owned sub-subsidiary of TOP GLOVE.
The Acquisition is not expected to have any material effects on the net assets, gearing and earnings of TOP GLOVE for the financial year ending 31 August 2017.
None of the Directors and/or substantial shareholders or persons connected to them has any interests, direct or indirect in the Acquisition.
The Board of Directors is of the opinion that the Acquisition is in the best interest of TOP GLOVE.
This announcement is dated 14 September 2016.