Malaysian precision plastic injection mould manufacturer Sanichi Technology Bhd is diversifying into the rubber glove industry. To enable this, it has issued up to 1.42 billion renounceable rights issue, at an issue price of RM0.08 with up to 712.21 million free warrants on April 23, according to reports. The free warrants will be on the basis of six rights shares together with three warrants for every existing Sanichi share held by shareholders.
Group Managing Director Datuk Seri Dr Pang Chow Huat was quoted to state that the company intends to utilise the proceeds from the proposed Rights Issue with Warrants to acquire, install and commission up to six double former glove-dipping lines.