KAPAR, Selangor: Mah Sing Group Bhd plans to spin off its healthcare division for a listing in Hong Kong to raise more funds for expansion.
The property developer-turned-glove maker also hopes to become the top five glove manufacturers in the world with about 100 production lines.
Mah Sing has completed the testing and commissioning of its first two glove production lines in its flagship glove manufacturing factory here.
The two lines will produce about 1.84 million pieces of gloves in a day.
Mah Sing expects to deliver the first shipment of gloves as early as next month.
Its chief executive officer Datuk Ho Hon Sang said the group had received over 100 Letters of Intents todate, well exceeding the capacity for Phase 1 and Phase 2.
The buyers are mainly from the United States, the United Kingdom, Canada, the Middle East, Europe, Japan, China, Korea, Singapore, Russia and Latin America.
Ho said as a new glove producer, the group was not committed to any long-term contracts with lower pricing.
"As such, compared to existing players, we have more flexibility to lock in spot orders at higher spot prices," he said during a site visit to the glove manufacturing plant here today.
Phase 1 plant development comprises a total of 12 production lines and has a maximum production capacity of up to 3.68 billion pieces of gloves per annum.
Mah Sing is targeting a second phase of the expansion plan, which includes exercising the option to take up the other portion of the Kapar factory (build-up of about 287,500 square feet).
This ambitious plan could accommodate another 12 new production lines and increase the capacity up to another 3.68 billion pieces of gloves per annum.