LUMPUR: Property group Mah Sing Group Bhd has proposed to diversify its
core businesses to include the manufacturing and trading of gloves and
related healthcare products.
In its statement to Bursa Malaysia on Thursday, it said its indirect unit Mah Sing Healthcare Sdn Bhd (MSHB) will buy 12 new gloves production lines which can produce up to 3.68 billion pieces of gloves a year.
It said glove production would be carried out in Klang where the MSHB had entered into a tenancy agreement with Minho Kilning (Klang) Sdn Bhd to occupy a warehouse in Kawasan Perindustrian Ladang Sungai Puloh.
Mah Sing said the diversification was to enhance the group’s medium-term financial performance by tapping into the global market to reduce the over reliance on the domestic market for its property business in view of the cyclical nature of the property sector.
“The group anticipates that the proposed diversification can help to mitigate potential downside risk of the group arising from the wide-ranging effects of the coronavirus disease (Covid-19) to the local and global economy," it said.