KUALA LUMPUR (July 26): Top Glove Corporation Bhd will invest about RM75 million to build its condom business as the largest glove manufacturers aim to diversify from its glove business to maintain its growth momentum.

The group’s chairman Tan Sri Lim Wee Chai said existing technology in the glove industry is more advanced than those in the condom manufacturing business, giving Top Glove an edge to diversify into condom business.

“In terms of capex wise, it is also much smaller than glove industry. Initially, we may invest about RM75 million in the first phase, so that we can grow the business,” Lim said.

He added he expects the condom business to start small and hopefully, the business would take off a year from now.

“We are setting up the facilities. Hopefully by August next year, we could tell you some stories,” Lim said.

As of 11.47am, Top Glove edged lower by 0.35% to RM5.70, with about 118,300 shares traded, giving it a market capitalisation of RM7.15 billion.