SG Dealbook: Top Glove to acquire Aspion; CapitaLand expands China presence

Lucas Loh CEO, CapitaLand China and Heng Swee Keat, Minister for Finance, Singapore. Credit: CapitaLand

Property major CapitaLand has entered into a strategic alliance with China UnionPay while Top Glove Corporation is set to acquire surgical glove manufacturer Aspion.

CapitaLand partners China UnionPay, venture fund to invest in China

SGX-listed CapitaLand has formed a strategic alliance with China UnionPay in a bid to enhance the cashless payment capabilities of its CapitaStar app. In addition, its VC arm will be looking to source deals in the China market.

CapitaStar will be integrated with China UnionPay’s debit and credit card facilities within the app.

The alliance, as well as the launch of a China-focused venture fund, was forged in Beijing at the IE Singapore – CapitaLand Tech & Innovation Summit.

This comes as the property major seeks to adapt to increasing digitalisation across both China and Singapore, host to 83 per cent of its total assets, according to Lim Ming Yan, President & Group CEO of CapitaLand Limited.

Top Glove to acquire Aspion Bhd

Top Glove Corporation Bhd, listed in Malaysia and Singapore, is to acquire Aspion Sdn Bhd in a deal that will see it emerge as the world’s largest surgical glove manufacturer, in addition to being the world’s largest rubber glove manufacturer. Financial terms of the deal are undisclosed.

The purchase consideration would be met through cash and the issuance of new ordinary shares in Top Glove.

According to a release, the acquisition accords immediate leadership in the rapidly expanding surgical glove sector, a recession-resilient market, with Top Glove. It also moves the firm further up the value chain.

It will also see it expand its geographical coverage and give it access to North America, Europe and Japan. Additionally, Aspion possesses a substantial intellectual property portfolio, with trademarks and patents registered in major countries.

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