KUALA LUMPUR: Mah Sing Group Bhd has received 99.996 per cent shareholders’ approval for its proposed diversification into glove manufacturing and trading, and related healthcare products via Mah Sing Healthcare Sdn Bhd.
It said the first six production lines at Mah Sing’s first glove manufacturing factory in Kapar, Klang would be operational as planned in the second quarter of 2021, followed by another six lines expected to be ready in the third quarter, with a total maximum capacity of up to 3.68 billion pieces of gloves per annum.
“Mah Sing may also explore to venture into related healthcare products such as personal protective equipment, pharmaceutical or medical products and services, as well as related upstream and downstream activities if demand for such products or services arise,” the company said in a statement after its extraordinary general meeting held virtually today.
Mah Sing’s founder and group managing director Tan Sri Leong Hoy Kum said the proposed diversification which predominantly targets the global market were expected to enhance the existing manufacturing division and explore the possibility of listing the division in Hong Kong within the next five years to further unlock its value in the future.
“The proposed diversification will also be a good complement to our existing core property development business which is focused on the domestic market,” he said.
As at Sept 30, 2020, he said Mah Sing managed to achieve property sales of approximately RM847.1 million and was on track to achieve its RM1.1 billion sales target this year.
“The new landed projects launched by Mah Sing witnessed strong response, with Carya @ M Aruna recording 90 per cent take up during its launch over the weekend, while Acacia 2 in Meridin East, Johor achieved over 80 per cent take up at its weekend launch in early December.
“Backed by our healthy balance sheet, we will continue to explore selective land banking suitable for affordably-priced products, which will spur our future growth,” he said on the outlook for next year.
He added that the confidence towards the property market was seen to be recovering, with an upswing in line with better economic outlook in 2021, driven by various property-friendly measures put in place by the government. – Bernama