TOP glove maker WRP Asia Pacific Sdn Bhd is poised for robust growth with strong future cashflow, following the success of its financial restructuring involving borrowings of about RM250mil.
The restructuring reduced its debt position by a significant RM143mil and resulted in RM40mil in new funding made available, WRP said in a statement yesterday.
The capital base of the company, which started business in 1990, has consequently increased from RM278mil to RM385.4mil.
WRP is one of the top five glove manufacturers and exporters in the world, with a current annual capacity of about 4 billion pieces of gloves and revenue in excess of RM450mil per annum.
Its manufacturing capacity represents 10% of the world's output for latex and nitrile examination, surgical, and high-value specialty gloves.
Its executive chairman Tan Sri Ibrahim Mohamed said: The restructuring has created a solid financial platform for robust growth in WRP's business. Future cashflow of the group will be very strong and should comfortably sustain the reduced debt servicing and support WRP's future business growth.
The statement said the restructuring had also resulted in the emergence of investment funds, managed by an established Britain-based fund management company, as substantial shareholders in the enlarged capital of WRP.
The new investment funds were arranged by Presidio Capital, a Singapore-based debt trading and advisory company, the statement said.
WRP has five manufacturing facilities: three in Malaysia, and one each in Indonesia and China.
It exports to more than 100 countries with North America and Europe accounting for 70% of its total sales and the balance 30% to East Asia, Middle East and Latin America. Bernama