Top Glove sells Singapore-based indirect associate to Mclean Technologies

Top Glove sells Singapore-based indirect associate to Mclean Technologies
-A +A

KUALA LUMPUR (July 3): Top Glove Corp Bhd has disposed of its 36.84% indirect stake in Singapore-based Sonic Clean Pte Ltd, which provides cleanroom washing services and supplies to industries ranging from hard disk drive to medical industries.

The remaining 63.16% stake in Sonic Clean is held by Unisteel Technology Ltd.

In a filing with Bursa Malaysia today, Top Glove said its indirect subsidiary Medi-Flex Pte Ltd together with Unisteel had on June 30 entered into a conditional sale and purchase agreement with Mclean Technologies Pte Ltd to sell all 2.02 million shares of Sonic Clean for S$2.

It added that the proposed disposal is part of the group's strategic business rationalisation plan to streamline its business.

Top Glove shares rose 3 sen or 0.53% to close at RM5.72 today, for a market capitalisation of RM7.18 billion.