KUALA LUMPUR (Jan 3): HLT Global Bhd has proposed to acquire the remaining 20% stake in its 80%-owned rubber glove manufacturing unit, Triple Care Gloves Sdn Bhd for RM600,000.

The glove dipping line maker said it is buying the stake from Snicom Sdn Bhd, CWK & Mount Sing Sdn Bhd, Alcor Corp (M) Sdn Bhd and Lordtech Specialty Sdn Bhd through the issue of 2.61 million new shares in HLT Global at 23.03 sen per share.

As part of the deal, HLT Global said it will also be repaying existing Triple Care shareholders’ advances totalling RM7.6 million via the issuance of 33 million new shares at 23.03 sen each.  

In a bourse filing on wednesday, HLT Global said Triple Care has not commenced business activity but is in the midst of building a rubber glove manufacturing plant on its leasehold land measuring 653,402 sq ft, located in Semenyih, Selangor,  

The group said the plant is expected to be operational by the second half of 2024. Upon commercialisation, the plant will consist of at least four new production lines which are capable of producing, in the aggregate, up to one billion pieces of nitrile rubber gloves per annum.

Meanwhile, HLT Global said it has inked agreements with four identified creditors, Hasil Aneka Sdn Bhd, Unbros Construction Sdn Bhd, Brazer Engineering Sdn Bhd and Hallmark Porcelain Sdn Bhd, for the proposed settlement by the group of debts totalling RM6.4 million via the issuance of 27.81 million new shares, also at 23.03 sen per share.  

The new shares to be issued under the proposals represent about 8.2% of HLT Global's total issued shares, the group said.

It added that the proposals are expected to be completed by the first quarter of 2024

HLT Global's share price closed up two sen or 9.3% at 23.5 sen, bringing the group a market capitalisation of RM182 million.