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KUALA LUMPUR: Glove maker Harps Holdings Bhd is issuing 2.6 billion shares consisting of institutional offering and retail offering for its proposed initial public offering (IPO) on the Main Market of Bursa Malaysia.
This represents 26% of its enlarged issued capital, according to its prospectus exposure on the Securities Commission website.
The institutional offering involves the offering of up to 2.3 billion IPO shares, representing up to 23.00% of its issued share capital.
Harps said 1.15 billion shares, representing 11.5% its its issued share capital will be for Bumiputera investors approved by the MITI.
The retail offering involves the offering of 300 million IPO shares, representing 3.00% of its issued share capital.
said its near term financial prospects remained strong after the company posted its best ever quarterly performance.
The company told Bursa Malaysia today that shipping delays due to port congestions and slow container turnaround in the last quarter ended Jan 31, 2021 (Q4FY21) has resulted in higher than usual glove stockpile going into the first quarter of this year. The ripple effect of the shipping situation has caused higher inventory than usual and 25% of shipments in this quarter to be delivered to 1st Quarter of the financial year ended 2022 (1QYE22), it said.
Despite the delays, Comfort Gloves continued to post another record quarterly profits, thanks to rising selling prices.