Mah Sing mulls Hong Kong listing for manufacturing arm within five years
KUALA LUMPUR: Property developer, Mah Sing Group Bhd is exploring business opportunities by listing its manufacturing segment on the Hong Kong Stock Exchange within the next five years, said executive director Datuk Steven Ng Poh Seng.
According to him, the company’s manufacturing segment consists of plastic products, recently-ventured rubber glove division and other healthcare related business.
“We are exploring a listing in the next five years...besides the rubber glove, we are also exporting plastic products to the global market so we are looking (to list this segment) in Hong Kong,” he told a media briefing on the progress of the group’s glove manufacturing facility.
Also present was Minister in the Prime Minister’s Department
Datuk Seri Mohd Redzuan Md Yusof.
Ng said the group was optimistic on the outlook of the rubber glove division, which is expected to contribute over 25 per cent to the group’s profit next year.
Currently, a substantial 95 per cent of the total profit is contributed by the property segment and the remaining from the plastic division.
He said demand for gloves would likely remain strong post-pandemic especially with stricter regulations and higher awareness on the importance of hygienic practices.
The group’s manufacturing facility in Kapar, Klang with a maximum capacity of 3.68 billion pieces of gloves per annum is on track to meet the targeted production date by April 2021.
Ng said the majority of production would be exported to the US, European countries, Japan, South Korea and other countries in the region.
In August, Malaysia’s total glove exports surged 59 per cent year-on-year (y-o-y) in terms of value, while quantity rose 29 per cent y-o-y.
The country’s export revenue is expected to hit RM29.8 billion this year on continued strong demand for gloves globally. —