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Hot Stock Karex falls 3.88% on plans to acquire UK condom maker
by Cals Mon 30 May 2016, 23:19
- Hot Stock
[size=28]Karex falls 3.88% on plans to acquire UK condom maker[/size]
By Surin Murugiah / theedgemarkets.com | May 30, 2016 : 9:32 AM MYT
KUALA LUMPUR (May 30): Shares of Karex Bhd lost 3.88% in early trade today after its plan to acquire Pasante, one of the largest independent condom manufacturing companies in the United Kingdom (UK), for £6 million (RM35.84 million).
At 9.11am, Karex lost 9 sen to RM2.23 with 408, 700 shares done.
It told the stock exchange last Friday that its unit Karex Holdings Sdn Bhd has today inked the conditional share purchase agreement with vendors Lawrence James Boon, Dominic Frederick Boon and Paul Richard Boon to effect the purchase.
According to Karex, Pasante exports condoms and healthcare products to over 60 countries in the world and owns the condom and lubricant brand "Pasante", besides being the sole official distributor of Sebamed in the UK.
In 3QFY16, Karex's revenue jumped 23.6% to RM88.22 million from RM71.39 million, due to higher volume from condom commercial sales segment.
For the cumulative nine months (9MFY16), its net profit grew 28% to RM54.57 million or 5.44 sen per share from RM42.59 million or 4.64 sen per share in the previous corresponding period. Revenue rose 19.4% to RM260.89 million from RM218.53 million a year earlier.
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