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AKN Technology acquires Nobel Gloves

Posted on: April 12, 2009


Bernama – Saturday, April 11

KUALA LUMPUR, April 10 (Bernama) — AKN Technology Bhd announced today that it is buying the entire interest in Nobel Gloves Sdn Bhd from Mar Hung Than and Chieng Diing Yaw for RM100,000.

Following the proposed acquisition, AKN proposed a subscription of 9.9 million new shares in Nobel Gloves for RM9.9 million, it said in a filing to Bursa Malaysia today.

The proposed acquisition is part of the group’s plan to reduce dependency on its existing core business which is sensitive to economic downturns as well as being subjected to eroding profit margin due to competitive pressure, AKN said.

The group’s existing core business is focused on providing manufacturing support services for the customer electronics industry.

The main activities of Nobel Gloves are manufacturing and trading of gloves and rubber products.

According to AKN, the group’s venture into the glove industry will contribute positively to its future earnings as it will cushion the negative effect of the consumer electronics industry.

It said that the demand for gloves will remain resilient as gloves have evolved into a necessity. — BERNAMA

TCT LC

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