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Corporate Profile |
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 First
established as Medi-Flex in 1999, Medi-Flex
Limited was incorporated in Singapore on 12
December 2003 and stood out for being the
first cleanroom and medical disposable
natural rubber glove manufacturer to be
listed on the Singapore Stock Exchange (SGX)
in November 2004.
In 2007, Top Glove Corporation Bhd, the
world’s largest rubber glove manufacturer,
acquired Medi-Flex Limited in view of the
tremendous potential in the latter’s
business and in line with the overall growth
strategy of Top Glove.
The year 2008 saw a slowdown in
semiconductor and electronic industry due to
the global financial crisis. This, coupled
with higher raw material costs, resulted in
a tough operating environment for Medi-Flex
Limited. However, the challenging business
environment served as a catalyst for the
implementation of stringent cost saving
measures to enhance product quality and
efficiency.
Towards enhancing competitiveness and
efficiency, its new management reorganised
Medi-Flex Limited’s operations and also
introduced new range of gloves to reduce
reliance on cleanroom gloves alone.
The company proceeded to consolidate its
operations in 2009. It ceased operations in
a rented factory in Meru, centralising them
in a plant in Banting. In September 2010,
Medi-Flex Limited added eight (8) production
lines at its factory, enabling it to
generate another 0.75 billion pieces of
gloves per annum. This brought its total
production capacity to 1.87 billion gloves
per annum with 28 production lines.
For the financial year ended 31 August 2010,
Medi-Flex Limited marked a significant
milestone by returning to profitability
after years of losses, attributed to the
relentless efforts of its management team,
led by Tan Sri Lim Wee Chai.
Under sterling leadership, Medi-Flex Limited has continued to grow from strength to strength. In FY2013, revenue increased by 19% to RM200.8 million from RM169.3 million and net profit surged 133% to RM24.7 million, compared with RM10.6 million a year ago. Meanwhile, for 4QFY2013, revenue also increased by 26% to RM60.3 million from RM47.7 million in 4QFY2012 and net profit grew by 59% to RM10.5 million, versus RM6.6 million in the corresponding quarter in FY2012. The growth in revenue was attributed to an increase in sales for higher-margin products, mainly nitrile gloves, as well as cleanroom gloves. Overall, the demand growth for gloves also remains strong and consistent from both the developed and emerging markets.
We also recently received a formal proposal from Top Glove Sdn Bhd to seek the delisting of Medi-Flex from the Singapore Exchange Securities Trading Limited. Accordingly, the relevant financial advisors have been appointed to advise the independent directors and minority shareholders on this offer. The Directors will also be applying to the SGX-ST and convening an extraordinary general meeting to seek the approval of the shareholders for the said delisting.
Moving forward, to cater to the ever changing and evolving glove industry, the Group will continue to formulate new strategies in pricing, costing, marketing as well as research and development, spearheaded by its experienced management team. Medi-Flex will also be leveraging its strong global presence to expand its product range.
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Corporate Structure |
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Name of Company |
Date and
place of incorporation |
Principal
activities |
Principal
activities |
Issued and
paid-up capital |
% of paid-up
capital effectively held by our
Company |
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Flexitech Sdn Bhd |
23 October 1987
Malaysia |
Engaged in the
manufacture and sale of gloves |
Malaysia |
RM11,757,248 |
100% |
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Techniglove
Asia Sdn Bhd |
21 March 2001
Malaysia |
Sale of
disposable gloves |
Malaysia |
RM2 |
100% |
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Corporate
Profile