Hartalega seeks main board listing by mid-year

KUALA LUMPUR: Glove manufacturer Hartalega Holdings Bhd expects to be listed on the Bursa Malaysia main board by mid-year.  

Hartalega has formalised an underwriting agreement with its financial adviser, managing underwriter, underwriter and placement agent, RHB Investment Bank Bhd, and underwriter OSK Investment Bank. 

“This listing is very much aligned with our plans to fortify our position,” managing director Kuan Kam Hon said in a statement yesterday. 

For the listing exercise, a total of 24.21 million ordinary shares will be offered whereby some 12.12 million shares will be made available to the public and 4 million shares for eligible directors, employees and business associates. 

Another 8.01 million shares will be made available for application by identified investors by way of private placement. 

Kuan said the glove-manufacturing sector was currently being viewed upon positively as “it continues to hold much potential given Malaysia's pole position in this sector globally.” 

Hartalega currently exports its products to countries in the Americas, Asia, Europe and Africa as well as Australia. 

Hartalega was incorporated on July 24, 2006, as an investment holding company to facilitate its listing on Bursa Malaysia.  

As part of its listing scheme, Hartalega acquired Hartalega Sdn Bhd, Sentinel Engineering (M) Sdn Bhd, Pharmatex (USA) Inc and Pharmatex (Australia) Pty Ltd on May 7, 2007.  

The Hartalega group, which has been making premium latex gloves since 1988, currently has manufacturing plants with a total of 23 production lines that can produce 3.2 billion gloves annually. – Bernama