KUALA LUMPUR, Jan 11 — Investment holding company, HLT Global Bhd, has proposed to acquire the remaining 45 per cent or 4.72 million shares in HL Rubber Industries Sdn Bhd (HLRI) for RM90 million.
Currently, HLRI, which is principally engaged in the manufacturing and trading of rubber gloves, is a 55 per cent-owned subsidiary of HLT Global.
The transaction is to be satisfied via the issuance of 90 million consideration shares at an issue price of RM1 per consideration share, HLT Global said in a filing with Bursa Malaysia today.
The group said 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.
“The group is expected to benefit from the proposed acquisition in the future from both the financial and operational perspectives,” it said. — Bernama