CE Technology to raise RM12m from LEAP listing

PETALING JAYA: Cleanroom gloves exporter CE Technology Bhd expects to raise RM12.48 million from its LEAP Market listing on Bursa to fund its on the back of growing global demand of cleanroom gloves.

The company manufactures and sells nitrile and latex cleanroom gloves that are targeted for niche markets such as the high-end electronics and life sciences industries which require additional chemical and microbiological hazard protection. Cleanroom gloves are mainly used to control contamination and prevent electrostatic discharge.

Based on the audited financial statements for the ended July 31, 2018, more than 95% of its products are exported overseas to Asean, Europe, the US, and Japan.

CE Technology plans to allocate approximately 69% or RM8.5 million of the listing proceeds to expand its processing capacity and enhance research and development capabilities.

“We are setting up new cleanroom post-processing facilities which will more than double our monthly processing capacity from 20 million pieces to approximately 43 million pieces of gloves a month,” said its managing director and CEO Teoh Swee Sun.

The company also plans to leverage its R&D capabilities to develop and customise new cleanroom gloves, such as the extra-long and good ESD control cleanroom gloves used in both the high-end electronics industries as well as the life sciences industries.

CE Technology has obtained approval from Bursa Malaysia for the listing exercise, which entails a placement of 52 million shares representing 15.02% of the company’s enlarged share capital to selected sophisticated investors at an indicative price of 24 sen per share.

Source: The Sun Daily

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