KUALA LUMPUR: Shares in Jerasia Capital Bhd fell over 12% in early trade Tuesday on dilution concerns after the company said it would carry out a rights issue with free warrants to raise a minimum of RM228mil for glove ventures. The apparel manufacturer and fashion retailer fell 12.5%, or 5.5 sen to 38.5 sen, its lowest in about three weeks. It is currently trading at a PE ratio of about 15 times. Jerasia plans to undertake a corporate exercise involving a rights issue with free warrants to raise a minimum of RM228mil to help fund its venture into the manufacturing and trading of gloves. It plans to install up to 10 glove dipping lines in stages over the course of 12 months to manufacture latex and nitrile gloves. These 10 lines are expected to yield a production capacity of 8.4 million pieces of gloves per day. The estimated capital expenditure required to construct and commission all 10 glove dipping lines, as well as its related facilities, is RM146mil, Jerasia said. The company views glove manufacturing as the next step as it expands its foray in the personal protection equipment (PPE) as it shifts away from the manufacturing and exporting of fashion apparels and accessories.
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