KUALA LUMPUR (Oct 24): Supermax Corporation Bhd has refuted a report that it was in discussion with Top Glove Corporation Bhd to dispose of its assets to the latter at a premium.

In a filing with Bursa Malaysia today, Supermax said: "No discussion was held between the company and Top Glove on this matter. Supermax has no involvement with the issuance of the news article."

The Edge Financial Daily today reported that speculation has been rife on the potential acquisition target for Top Glove after its executive chairman Tan Sri Lim Wee Chai told pressmen last week that the group is set to announce a major acquisition soon that could cost more than a billion ringgit.

Lim said the acquisition target would be a Malaysian company that produces both surgical and examination gloves. According to Top Glove's 2016 annual report, surgical gloves only make up 2% of the group's product mix.

Last week, Nikkei Markets, quoting a dealer, reported that the closest glove maker which meets the criteria and could sell its glove unit is Supermax.

The report said the market is speculating that Supermax may dispose of its assets at a premium.

At the midday break today, Supermax fell 2.45% or 5 sen to RM1.99 with 3.18 million shares traded.