LKL to diversify business, plans private placement

LKL International healthcare equipment

PETALING JAYA: LKL International Bhd has proposed to diversify its principal to include the trading of rubber gloves and personal protective equipment (PPE) to expand its revenue stream

The group, which is currently involved in the manufacturing and distribution of medical devices and accessories, has also proposed to undertake a private placement of up to 355.05 million shares, representing up to 30% of its total issued shares, to independent third-party investors to be identified later and at an issue price to be determined later.

Based on an illustrative issue price of 16 sen per placement share, the exercise is expected to raise gross proceeds of RM56.8mil.

In a filing with Bursa Malaysia, LKL said the proceeds from the proposed private placement would be used for the trading of rubber gloves and PPE and the setting up of new storage facilities.

LKL's hospital bedLKL's hospital bed

“The proposed diversification would allow the group to capitalise on a booming segment with favourable prospects while making the most out of the opportunities created by the Covid-19 pandemic.

“Moreover, it will provide an additional revenue stream to the group. This represents part of the group’s business plan to strengthen its financial performance, ” it added.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: -1
Cxense type: NA
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Next In Business News

China says it will take necessary measures to safeguard Chinese firms' interests
Astro signs Netflix as new streaming partner
Boustead's three-pronged strategy to reinvent itself
Oil gains as draw in U.S. crude stocks reinforces outlook for robust demand
Singapore files 105 new charges against oil trader Hin Leong founder O.K. Lim
Asian shares tread water, markets eye U.S. inflation signals
Benigno Aquino steered Philipines' economy to recovery, says ex-secretary of finance
OMH to increase funding in Bryah Basin manganese JV
DNeX inks MoU with UiTM to develop digital solutions
KPMG resigns as Serba Dinamik external auditor

Stories You'll Enjoy