SET-listed Sri Trang Gloves (Thailand) Plc (STGT), a manufacturer and distributor of natural latex powdered and nitrile gloves, successfully listed its shares on Singapore Exchange (SGX) on Monday with the trading symbol “STG”.
The company expects its shares to be available for trading on SGX from Friday onwards or after the blackout period as shareholders who transfer some of their shares to SGX are subject to a blackout period of 30 days before and one day after the announcement of the quarterly financial statements.
STGT listed its shares on the main board of SGX on Monday with no new shares issued or offered. The shares that were transferred from the Stock Exchange of Thailand (SET) to SGX are from portions held by major shareholders from the Sincharoenkul family.
STGT is a leading manufacturer of latex gloves and other industrial latex gloves. The company’s products include natural latex powdered gloves, natural latex powder-free gloves, and nitrile gloves. The company has seen significant growth since the Covid-19 pandemic began last year, thanks to rising demand for medical rubber gloves from around the world.
The company listed on the SET on July 2, 2020.
STGT’s chief executive Jarinya Jirojkul said STGT’s listing on SGX was to help it expand and diversify the company’s shareholder base with foreign stakeholders in the region and seek more funding channels.
Ms Jarinya said the company expects sales volume for rubber gloves this year to reach approximately 32 billion pieces, up about 14% from last year’s sales volume of nearly 30 billion rubber gloves.
STGT is also planning to operate four new factories this year, including the SR2 plant located in Surat Thani which has already started production. Meanwhile, the SR3, which will be located in the same province, is expected to start in the second quarter, the Sadao factory in Songkhla in the third quarter, and another factory in Trang in the fourth quarter.
The global rubber glove market is likely to continue growing this year thanks to huge demand amid the pandemic. The total sales of rubber gloves worldwide is expected to reach 420 billion pieces, up 17% from last year.
STGT’s share price closed on the SET on Monday at 45.25 baht, unchanged from the previous day with trading worth 1.11 billion baht.