MAH Sing Group Bhd’s proposed diversification into the glove and healthcare industry via Mah Sing Healthcare Sdn. Bhd received an approval rate of 99.9962% from shareholders at its virtual extraordinary general meeting (EGM) today.
An elated Mah Sing founder and group managing director Tan Sri Leong Hoy Kum described the support as marking a strong validation to the group’s new journey into the new glove manufacturing business.
“The proposed diversification which predominantly targets the global market are expected to enhance our existing manufacturing division and we are exploring the possibility of listing our manufacturing division within the next five years in Hong Kong to further unlock its value in the future,” he pointed out.
“The proposed diversification will also be a good complement to our existing core property development business which is focused on the domestic market.”
The first six production lines at Mah Sing’s first glove manufacturing factory in Kapar, Klang is on track to be operational as planned in the second quarter of next year (2Q 2021) followed by another six lines expected to be ready in 3Q 2021 which in total has a maximum capacity of up to 3.68 billion pieces of gloves per annum.
Structural increase in glove usage as a result of new norms, fears of re-infection, higher health awareness and hygiene compliance requirements for healthcare and non-healthcare sectors, is expected to spur strong demand for gloves – even post-pandemic where vaccines are readily available.
“The property market will follow suit as economies gradually improve whereby to this end, Mah Sing will continue to be on the active lookout for any arising opportunities – be it the manufacturing and property businesses respectively,” projected Leong.
He added Mah Sing may also explore related healthcare products such as personal protective equipment (PPE), pharmaceutical or medical products and services as well as related upstream and downstream activities if the demand for such products or services arise. – Dec 21, 2020
