Hextar, Ong explain offer price for Rubberex

In the circular to Rubberex shareholders yesterday, Hextar Rubber and Ong – the joint offerors - said the rapid increase in the price of small-cap glove maker Rubberex (pic) shares in reaction to the Covid-19 pandemic, “may not be sustainable in the long run.”

PETALING JAYA: Hextar Rubber Sdn Bhd and Datuk Ong Choo Meng, who offered RM1.80 per share in their takeover of Rubberex Corp (M) Bhd, have explained that there was concern about the rapid increase in the shares of the glove maker among them and also the vendors.

In the circular to Rubberex shareholders yesterday, Hextar Rubber and Ong – the joint offerors - said the rapid increase in the price of small-cap glove maker Rubberex shares in reaction to the Covid-19 pandemic, “may not be sustainable in the long run.”