KUALA LUMPUR (May 28): Condom manufacturer Care Latex Sdn Bhd said on Wednesday it has secured an investment from a private vehicle of the founders of Kossan Rubber Industries Bhd (KL:KOSSAN).

The transaction details were not disclosed, though Kossan Holdings (M) Sdn Bhd would be its third-largest investor ahead of its planned initial public offering, Care Latex said in a statement. The investments from Kossan Holdings would help to support its long-term growth ambition, it noted.

The investment would enhance Care Latex’s “ecosystem by accelerating product innovation, improving inventory management, expanding research and development capabilities, and broadening market reach through new distribution channels,” the company said.

Care Latex has retail presence in both Singapore and South Korea, distributed through major convenience store chains such as Olive Young and GS25, which have over 17,300 outlets.

The company said it is eyeing expansion into Singapore, Vietnam, Hong Kong, Macau, New Zealand, and the US while developing multiple new product lines, including clinical and personal lubricants, pregnancy and HIV test kits, pleasure devices, and wellness supplements.

“Welcoming Kossan Holdings as a strategic investor enhances our capacity to scale production, drive innovation, and deliver our mission,” said Bonn Lam Chee Fong, founder of Care Latex.

For Kossan Holdings, “Care Latex’s focus on sexual wellness, coupled with its inclusive, innovative and science-led approach, aligns perfectly with our purpose-driven investment philosophy,” said Lim Seow Chair, a representative of Kossan Holdings, said in the same statement.

Kossan Holdings is controlled by founder Tan Sri Lim Kuang Sia and his three siblings Kuang Wang, Kuang Yong and Leng Bung. Seow Chair is the son of Kuang Yong.