Monday, 9 April 2012

Hartalega up on expansion plans

KUALA LUMPUR (APRIL 9): HARTALEGA HOLDINGS BHD [] shares advanced on Monday after the company said it was setting up a RM1.5 billion “next generation integrated glove manufacturing complex” (NGC) comprising 70 new high tech production lines.

At 11.32am, Hartealega gained 10 sen to RM8 with 292,600 shares done.

The company last Friday said that its wholly owned subsidiary Hartalega NGC Sdn Bhd that was incorporated on March 29 is the designated corporate vehicle for the setting up of the NGC project, that is mainly involved in the production of rubber gloves to cater to fast rising global demand.

Meanwhile, CIMB Research maintained its Outperform rating on Hartelega Holdings Bhd at RM7.91 with a target price of RM9.98 and said the company’s 28.4 billion-pieces-of-gloves expansion by FY22 was a strong signal that it remains focused on growth.

The research house in a note April 9said the project enables Hartalega to defend its dominant position and add market share.

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