Karex Berhad is the world’s largest condom manufacturer by volume in the world. Karex grew rapidly over three decades as a contract manufacturer for well-known global brands such as Durex and Ansell, and by supplying bulk orders to global public health organizations.
In 2014, the company acquired 55% of U.S.-based Global Protection Corp, the company behind the ONE brand of condoms, which gave Karex the rights to distribute the brand in Australia and countries in Asia and North Africa. Karex’s own Carex brand of condoms is also a leading mass-market brand in the Middle East.
Since reaching a peak of RM3.13 on in January 2016, Karex’s share price has plunged by more than 85% to trade below 50 sen for most of 2019. I attended the 2019 AGM to learn what happened and evaluate the management’s strategies to bring the company back onto a path of recovery.