KUALA LUMPUR (May 9): Glove manufacturer Supermax Corp Bhd (KL:SUPERMX) is acquiring the remaining 33% equity interest in its 67%-owned subsidiary Supermax Healthcare Canada Inc (SHCI) for C$5.5 million (RM18.96 million) cash.

Supermax is acquiring the stake from Sylvain Bergeron, who has been a business partner of the company since 2004 when Supermax's founder and managing director Datuk Seri Stanley Thai Kim Sim partnered with Bergeron to start the Canadian branch of Supermax.

"As he (Bergeron) is retiring, Supermax is taking this opportunity to acquire the remaining 33% equity interest of SHCI," Supermax said in a filing with Bursa Malaysia on Thursday.

SHCI is principally involved in the marketing, importing and distribution of latex gloves for the Supermax group in Canada. Based on the audited accounts of SHCI as at June 30, 2023, the company incurred a net loss of C$15.3 million, while its net book value stood at C$73.6 million.

Supermax said the purchase consideration will be financed by internal funds.

Supermax shares slipped 0.5 sen or 0.57% to close at 87 sen per share on Thursday, giving it a market capitalisation of RM2.35 billion.