Mah Sing Group Bhd has obtained 99.9962% approval from its shareholders on proposed business diversification including glove production and trade as well as related healthcare products, through Mah Sing Healthcare Sdn Bhd.
According to the company, six production facilities at Mah Sing's first glove factory in Kapar, Klang will operate in the second quarter of 2021 (2Q21) as planned.
Bernama reported that this will be followed by six more production lines expected to be completed in the third quarter of 2021 (3Q21) with a maximum capacity of up to 3.68 billion gloves a year.
"Mah Sing is also likely to venture into the production of related healthcare products such as personal protective equipment, medical and pharmaceutical products and services as well as related upstream and downstream activities if there is a demand for it," the company said in a statement after an extraordinary virtual general meeting here , today.
Mah Sing Group founder and managing director Tan Sri Leong Hoy Kum said the proposed diversification, which targets the global market, is expected to increase the existing production division.
At the same time, this could also look at the possibility of listing in Hong Kong over the next five years to add value in the future.
"The proposed diversification is indeed good in an effort to complement the core business of the existing property development business that focuses on the domestic market," he said.
As of Sept 30, 2020, he informed that Mah Sing managed to achieve property sales of about RM847.1 million and was on track to achieve the sales target of RM1.1 billion this year.
“The real estate projects launched by Mah Sing also received a response like Carya @ M Aruna recorded 90% of the purchase rate when it was launched over the weekend while Acacia 2 in Meridian Timur, Johor reached more than 80% at the launch earlier this month.
"Along with the support of a stable balance sheet, we will continue to review suitable reserves for the development of affordable products that will further boost growth in the future," he said when commenting on the prospects for 2021.
He added that confidence in the property market was also recovering with expectations of a brighter economic situation next year, driven by the implementation of various real estate-friendly government measures.
