Supermax owns a 67% equity interest in SHCI and the remaining equity interest is owned by its executive vice-president, partner Sylvain Bergeron.

In a filing with Bursa Malaysia, the fourth-largest listed glove maker said the company had entered into a share sale agreement with Bergeron today in Montreal, Canada.

“The purchase shall be paid in cash, financed by internally generated funds. SHCI shall become a wholly-owned subsidiary of Supermax upon the completion of the acquisition,” it said.

Based on the audited accounts of SHCI as at June 30, 2023, the net loss was RM52.7 million and the net book value stood at RM254.1 million.

It said SHCI’s principal activities are marketing, importing and distributing latex gloves for the Supermax group in Canada.

At the close of trading, Supermax’s share price was down by 0.5 sen or 0.57% at 87 sen, giving it a market capitalisation of RM2.35 billion.