HLT proposes private placement to boost rubber glove production capacity

KUALA LUMPUR: HLT GLobal Bhd has proposed a private placement of 20 per cent of its issued shares to partly finance a new glove-dipping plant and installation of new lines.

It is estimating a proceed of up to RM76.84 million from the exercise, of which RM15 million will be set aside for the construction of a RM50 million plant in Semenyih, Selangor and about RM42.5 million for installation of four to five double-former lines.

Upon commissioning of the new lines, HLT’s glove capacity production is expected to increase between 2.24 and 2.55 billion pieces from the current 1.0 billion, it said in a filing with Bursa Malaysia today.

HLT said the proposed private placement may entail up to between 141.48 million and 163.49 million shares, which represent approximately 20 per cent of its total 817.44 million number of issued shares.

The exercise will be implemented in tranches and at different issue prices to enable each tranche to be determined at the relevant price fixing dates. - Bernama