Petaling Jaya (The Star/ANN) - Malaysian glovemaker Hartalega Holdings Bhd has formed a 70 per cent-owned subsidiary, Pharmatex Healthcare Ptd Ltd, in India through its wholly-owned unit Hartalega Sdn Bhd.
The authorised capital of Pharmatex is 100,000 rupees (US$1,894) divided into 10,000 equity shares of 10 rupees each, with an issued and paid-up capital of 100,000 rupees only divided into 10,000 ordinary shares of 10 rupees each.
Pharmatex is mainly involved in trading, import, export, packing and re-packing in all kinds of high quality rubber gloves.
The incorporation of Pharmatex will not have any material effect on the share capital and substantial shareholders' stake in Hartalega nor on the net assets, earnings and gearing of the Hartalega's group for the financial year ending December 31.
*US$1= 52.8 Indian rupees