Singapore

MALAYSIA-BASED glove-maker Top Glove Corporation Bhd has entered into a memorandum of understanding on Friday to acquire Eastern Press Sdn Bhd for RM47.25 million (S$15.1 million) in cash, the same day that it announced a 51 per cent rise in net profit to RM98.6 million for the fourth quarter ended Aug 31.

A term sheet was inked between Top Glove and YS Hoong Sdn Bhd, which is the current owner of Eastern Press, a printer and supplier of packaging material.