Affinity, EQT vie for Malaysian glove producer - reports

Both are part of an ongoing bidding round, according to Reuters, which first reported the news. According to YTY's website, the company, launched in 1988, produces a range of medical examination gloves mainly distributed in the United States, United Kingdom, Germany, Italy, Norway, Japan, Singapore and Korea. Based in Perak, the company claims more than 1,800 staff and operates two manufacturing plants with more than 50 production lines.

EQT, whose activities in Asia Pacific are largely China-focused, claims Classic Fine Foods as one of its major regional assets. EQT made that investment from its Greater China II vehicle, taking a controlling 96% stake. Affinity, meanwhile, co-founded by Malaysian-born KY Tang, has made recent movements in the Southeast Asian market. Last month, news surfaced that Affinity sought buyers for its 54.7% stake in Singapore's Jaya Holdings - a fiscally strained shipping operator - which it has held for more than four years. And in January, TPG Capital and Affinity Equity Partners-backed United Test and Assembly Center targeted a re-list on the Singapore Exchange with the aim of raising $400 million.

 

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• Topics
• Southeast Asia
• Buyouts
• Affinity Equity Partners
• EQT Partners