PETALING JAYA: HLT Global Bhd is proposing to acquire the remaining 4.73 million shares or 45% stake in HL Rubber Industries Sdn Bhd (HLRI) for RM90mil.
In a filing with Bursa Malaysia, KAF Investment Bank Bhd (KAF), which is the adviser for the proposed acquisition, said on behalf of HLT that the purchase would be satisfied via the issuance of 90 million shares at an issue price of RM1 per share
.“The proposed acquisition is in line with the group’s business expansion plan for its rubber glove manufacturing division, given the favourable prospects of the rubber glove industry and HLRI.”
HLT is involved in the design, fabrication, installation, testing, and commissioning of glove-dipping lines.
Through the proposed acquisition, KAF said HLT would be able to have full control over HLRI, in terms of absolute shareholding as well as its overall operations and future business direction.