Malaysia's Top Glove Enters Agreement to Buy Aspion for MYR1.3 Billion

KUALA LUMPUR, Malaysia-- Malaysia's Top Glove Corporation Bhd. (7113.KU) announced on Friday that it has entered into an agreement with Adventa Capital Pte Ltd. to buy local privately owned surgical glove maker Aspion Sdn Bhd. for a total of 1.37 billion ringgit ($345 million).

The announcement comes more than a month after Top Glove, the world's largest rubber glove maker, said it was negotiating a definite agreement for the purchase.

Top Glove said it will emerge as the global leader in surgical glove manufacturing upon the acquisition, according to a press statement.

This would further solidify its status as the world's largest manufacturer of gloves, it added.

Shares of Top Glove at Friday's midday break was 0.9% higher at MYR8.78, prior to the announcement.

Write to Yantoultra Ngui at yantoultra.ngui@wsj.com

(END) Dow Jones Newswires

January 12, 2018 01:01 ET (06:01 GMT)