KUALA LUMPUR: Comfort Gloves Bhd has proposed to acquire the entire stake in Goldhill Melody Sdn Bhd from five parties for RM25.75mil.

       In a filing with Bursa Malaysia, the glove maker said the group was constantly identifying and seeking opportunities to improve its earnings and strengthen its asset base.

       Comfort Gloves, which has total cash and bank balances of about RM334.2mil as at end-2021, will fund the proposed acquisition via internally generated funds.

       Goldhill is the registered owner of five parcels of freehold agriculture land that are zoned for residential use.

       The glove maker said that the price tag of RM25.75mil for Goldhill was below the market value of the land parcels worth RM27.1mil as appraised by an independent valuer.

       It said upon completion of the proposed acquisition, which is expected to take place in the second quarter of 2022, Goldhill will become a wholly-owned subsidiary of the group.

       “Based on the unaudited net assets of Goldhill as at Dec 31, 2021, the purchase consideration of RM25.75mil is at a discount of 2.72% to the RM26.47mil proforma revalued net assets of Goldhill as at Dec 31, 2021.