KUALA LUMPUR: Homegrown condom manufacturer, Karex Bhd shares’ on Bursa Malaysia rose in early trade after the company announced that it is eyeing two to three acquisitions this year.
As at 9.42 am, the counter was seven sen better at RM4.60 with 261,300 shares changing hands.
News report Monday said that Karex was looking at acquiring condom-related firms ranging from distributor to manufacturer that “best fit” the company’s portfolio to value add its product offering and has the capability to do so with its RM200 million excess cash and low gearing ratio.
The company has allocated RM30 million capital expenditure this year to build a new plant in Thailand which is expected to increase its condom production capacity to five billion pieces by year-end.
– Bernama