IPO: Hartalega Holdings Berhad 新股推介

申请时限 ： 28/3/2008-7/4/2008
上市日期 ： 17/4/2008
上市版面 ：主要交易版
上市价格 ：每股RM 1.80
从事行业 ：手套制造业

Hartalega forecasts RM55mil after-tax profit

KUALA LUMPUR: Glove maker Hartalega Holdings Bhd, which is en route to a listing on the Bursa Malaysia main board on April 17, has forecast a profit after tax and minority interests of RM55.46mil for the year ending March 31, 2009 (FY09), up from the estimated RM39.6mil in the current financial year.

According to its prospectus released yesterday, the company estimated higher operating revenue of RM396.39mil for FY09 against the estimated RM283.2mil in FY08. This would be supported by higher consumption of latex gloves, higher sales and also expansion in manufacturing capacity, it said.

Speaking at the prospectus launch yesterday, managing director Kuan Kam Hon said the company planned to expand to 43 production lines by adding two new plants by 2010 to the existing three with an investment of about RM230mil.

The three plants currently have 23 production lines capable of producing more than three billion gloves annually.

“The additional plants would increase annual production capacity to nine billion gloves,” Kuan said, adding that the plants would be financed by internally generated funds and bank borrowings.

One of the company's notable achievements is its key product, synthetic thin nitrile glove, which mimics the elastic properties of natural rubber gloves.

“The success of nitrile gloves is clearly reflected by our current sales mix of about 35% natural rubber and 65% synthetic nitrile gloves compared with the industry output for natural rubber and nitrile gloves of 80% and 20% respectively.

“This makes us the largest nitrile glove manufacturer in Malaysia,” Kuan added.

The company, which exports to 23 countries, with the largest export destination being the United States at about 70% of exports, also plans to venture to new markets in South America, Middle East, Russia, China and India.

In conjunction with its initial public offering, the company's major shareholders made an offer for sale of a 24.21million shares at RM1.80 each. Some 12.12 million shares are available to the Malaysian public and four million to eligible directors, employees and business associates.

Another 8.01 million shares are for private placement.

-TheStar

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Hartalega forecasts RM55mil after-tax profit

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