KUALA LUMPUR: Harps Holdings Bhd, a manufacturer and global distributor of nitrile examination gloves, has decided not to proceed with the proposed listing on Bursa Malaysia's Main Market.
This was due to unfavourable market conditions, the company said on Thursday.
Harps' planned initial public offering (IPO) involving a total of 2.6 billion shares to institutional and retail investors, was expected to take place by end-2021.
Harps founder, managing director and chief executive officer Haziq Zairel Oh said it had considered feedbacks from the investor engagement process, in particular broad-based investor sentiments and hesitancy over the Malaysian glove sector coupled with the outlook of the Malaysian glove sector from the time it first submitted its IPO application to the regulators.
"We have made this very difficult decision not to proceed with the proposed listing despite obtaining the approval from the Securities Commission on June 21 2021.
"After careful consideration of the interests of all our stakeholders and various discussions with our shareholders, board of directors, principal adviser and joint global coordinators, we believe that this is the most appropriate decision for Harps at this juncture."
Haziq said Harps continued to maintain a positive outlook on its future and was focused on steering it to be a market leader in the glove sector.
The company will continue to push ahead with its growth plans, which includes increasing its total annual installed capacity to 19.5 billion gloves by end-2023.