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Supermax incorporates new subsidiary in US

Supermax incorporates new subsidiary in US

21 Dec 2020

Supermax Corp Bhd has incorporated a new wholly-owned subsidiary, Maxter Healthcare Inc, in Delaware, US, to manufacture medical gloves and other personal protective equipment.

Incorporated last Friday, Maxter Healthcare’s intended principal activities include “the building of a national headquarters in the US”, according to Supermax’s stock exchange filing today.

“Maxter Healthcare Inc was incorporated with an issued and paid-up share capital of US$1. Subsequent to the incorporation, the issued and paid-up share capital will be increased to US$100 million (about RM404.5 million, based on exchange rate of US$1 = RM4.045 on Dec 21, 2020).

“The initial paid capital is part of the total allocation of US$550 million capital investment for Medical Glove Plant #18, when both Phase #1 & #2 are completed and commissioned,” it said, but did not elaborate.

The group said the proposed capital investment will be financed through a combination of internal funds and bank borrowings, the ratio of which will be decided later.

Shares in Supermax closed up five sen or 0.73% at RM6.89 today, giving the group a market value of RM18.75 billion. A total of 13.68 million shares were transacted.

Source: The Edge Markets