HTL boosted by Morgan Stanley deal
Shares of HTL International Holdings have soared 170% this year to 63 cents, thanks partly to the $20 million received from Morgan Stanley Private Equity for a 15.5% stake in the company.
HTL, which has made fine leather sofas- such as its Raffles Collection brand- since its 1976 launch by the three Phua brothers, exports to more than 20 countries in three continents and employs 2,500 staff.
The European market already accounts for 33% of turnover, and the brothers believe that the Morgan Stanley deal will substantially aid the company’s ambitions to expand further in the US and Europe and become a global player.
Last year, the company’s net profit rose 44% to $11.8 million while turnover grew 46% to $223 million. This year, it posted first-quarter profits of $4.6 million on the back of $67.3 million in turnover.
