Aun Huat & Brothers exits Rubberex 


KUALA LUMPUR: Aun Huat & Brothers Sdn Bhd, a major a shareholder in Rubberex Corp Bhd until recently, has exited the company.

This is after the company told Bursa Malaysia today that Aun Huat & Brothers had disposed its entire 25.2 million shares, or a 10% stake in the glove maker in a crossed deal.

Rubberex share price has tripled its value so far this year, surging from around 50 sen in January to RM1.70 today.

Earlier this week, Rubberex announced that it has placed out new shares in the company at RM1.23 each to raise RM31mil.

Proceeds from the fund raising exercise has been allocated for the expansion of its nitrile glove production line.

In early April, Rubberex attracted interest following a change in shareholding, which saw the entry of Datuk Ong Choo Meng as the single largest shareholder with a 31.33% stake.

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