Top Glove buys Selangor freehold property for RM51.5m

BURSA Malaysia-listed Top Glove Corporation Bhd, which has secondary listing here, has proposed to acquire a freehold property in Selangor for RM51.5 million (S$17.3 million).

Its wholly owned subsidiary TG Medical Sdn Bhd, entered into an agreement on Aug 30 with Star Shine Marketing Sdn Bhd to acquire the property spanning 34,499 sq m in land area.

The land is currently occupied by a single storey detached factory with annexed double storey production office and five storey integral office building, a guard house, a refuse chamber and a pump house.

Top Glove said it intends to use this property for its future expansion by building more glove production lines.

The proposed acquisition is expected to be completed by the first quarter of next year.