CORPORATE NEWS
KUALA LUMPUR: Tourism and property development firm, Iconic Worldwide Bhd is venturing into face mask manufacturing, initially targeting factory and construction companies in Malaysia.
In a statement Wednesday, Iconic said the new business venture will be placed under its fully-owned subsidiary Iconic Medicare Sdn Bhd.
Currently, the manufacturing facility located at Juru, Penang, is capable of producing face masks at a rate of 100pcs/min, amounting to approximately two to three million face masks a month.
“There are plans to increase production to five million face masks a month by the third quarter of 2020, as orders have already been fully taken up until July,” it said.
Managing Director Dato Tan Kean Tet said the group saw a need to locally produce face masks as a large part of Malaysia’s supply is still from China.
“As Recovery Movement Control Order (RCMO) is implemented, we foresee people will be more willing to leave their homes. Consumption of face masks is expected to increase, and we are confident of matching the demand with a reliable supply.
“Furthermore, producing it locally can give our customers assurance on the origins of the product and the high quality materials that go into making our face masks,” he said.
“We are in the process of getting ISO and CE endorsement, with which we will look towards exporting medical grade masks emblazoned with a ‘Made in Malaysia’ symbol.
“For now, we shall kickstart this venture from the northern region of Malaysia, as we gradually move down to other parts of the country,” Tan said.
Tan added that this is the group’s first step into diversifying into the manufacturing segment, as there is a need to adopt to the new normal by venturing into new and relevant businesses.
The face mask business will start to contribute to the company’s financial year ending March 31, 2021, and also help to cushion the slight impact towards its property and hospitality business which has been affected by Covid-19.
For FY2021, property development will continue to be the main driver of the company, supported by its hotel segment and followed closely by its new manufacturing segment.
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