Indonesian latex venture

Indonesian latex venture

KUALA LUMPUR (Reuter): Malaysian glove maker Latexx Partners Bhd said yesterday it has ventured into the production of rubber gloves in Indonesia through its 99 percent-owned subsidiary, PT Latexx Technologies.

Following the venture, Latexx is proposing a one-for-two rights issue of 10 million shares at 3.60 ringgit per share and a one-for-one bonus issue of 20 million shares, the company said in a statement.

It also plans an employees' share option scheme of five million shares and to double the company's authorized share capital to 100 million ringgit.

PT Latexx would be principally engaged in the manufacture of rubber latex gloves for medical purposes, high technology manufacturing and food-based industries upon commencement of its operations in early 1998, Latexx said.