SHAH ALAM (April 1): Halex Holdings Bhd is targeting to grow its market share to 40% in the next three to four years. The company will have a market share of 28% post-acquisition of Hextar Chemicals Ltd (HCL).

"We have identified a few strategies going forward to increase our market share to 40%, through organic growth and mergers and acquisitions (M&A)," Hextar Holdings Sdn Bhd group chief executive officer Datuk Eddie Ong told the press here after Halex's extraordinary general meeting (EGM).

On its manufacturing and distribution of healthcare disposable products, Ong said the company is looking to automate the manufacturing process to drive efficiency and costs. It is planning to allocate about RM2-RM3 million for acquiring new machinery.

The company will see a total headcount of 550 employees.

On the group's outlook, Halex is optimistic of turning the company around following the acquisition of HCL.

Today, minority shareholders of Halex had approved the proposal to acquire HCL for RM596.79 million.

For the full financial year ended Dec 31, 2018 (FY18), Halex's net loss narrowed by 6.31% to RM11.14 million from RM11.89 million in FY17, while revenue was marginally down 1.29% at RM68.18 million compared with RM69.04 million previously.

At the noon market break, shares of Halex rose one sen or 1.18% at 86 sen, for a market capitalisation of RM90.08 million. The company saw some 341,000 shares exchanging hands.