KUALA LUMPUR: Iconic Worldwide Bhd's (IWB) new gloves and face masks manufacturing facility has reached 70 per cent completion after only 100 days of construction.
Managing director Datuk Tan Kean Tet said the construction progress of the factory is ahead of schedule and the group has already started installation glove production machinery.
"Initially, we targeted to complete the factory in July 2021 and commence operations by September 2021, but we foresee that it could happen earlier than expected.
"The progress is credited to the concerted effort of the IWB team as well as our consultants, construction workers and suppliers," he said in a statement today.
IWB is primarily involved in tourism, property development and manufacturing of personal protective equipment (PPE).
In addition, Tan said IWB had obtained the CE and ISO certifications for its three-ply face mask and nitrile gloves, which will enable the group to export its products overseas.
"With this, IWB and Iconic Medicare Sdn Bhd (IMSB) are now in the position to help transform Malaysia into an established exporter of PPE emblazoned with a proud 'Made in Malaysia' symbol," Tan added.
Back in December, IWB's wholly-owned subsidiary IMSB held the official ground-breaking ceremony for its PPE manufacturing facility.
The facility, which installed and commissioned glove and disposable face mask production lines, expected to yield a minimum production capacity of approximately 3.5 billion pieces of gloves and 220 million pieces of face masks per annum.
Based on current average selling prices, the group estimates that the output of gloves and face masks could translate into a revenue of RM1 billion and RM100 million each in the financial year ending March 31, 2023.
IWB aims to be a leading glove maker in the world in the next five years, and has set its sights on producing 17 billion pieces of gloves and command a global share of approximately five per cent.
Through this business diversification, the group looks forward to reducing its dependency on the tourism and hospitality segment during this period while generating more job opportunities and contributing to the economy of Penang and Malaysia.