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Iconic Worldwide buys land to set up PPE manufacturing facility

Iconic Worldwide buys land to set up PPE manufacturing facility

21 Sep 2020

Property and tourism industry player Iconic Worldwide Bhd has acquired 2.24 hectares at Batu Kawan Industrial Park in Penang for RM12.53 million to facilitate its diversification into the production of personal protective equipment (PPE).

Its wholly-owned unit, Iconic Medicare Sdn Bhd, today entered into an agreement to buy the leasehold land from the Penang Development Corporation.

“The acquisition will allow for the construction of a new manufacturing facility for the production of PPE that will contribute a new revenue stream for the group,” the Penang-based company said in a filing with Bursa Malaysia.

Earlier this month, it announced its intention to diversify into making and trading PPE, including gloves and disposable face masks. The company said the new facility in Batu Kawan would be operational by the second half of next year.

Iconic Worldwide said the setting up of the facility would contribute towards the improvements in the socioeconomic environment by creating job opportunities for the employment market which was currently affected by prolonged effects of the COVID-19 pandemic.

It said the land acquisition, to be funded through internally generated funds or external borrowings, was expected to be completed by the end of the fourth quarter of the financial year ending March 31, 2021.

Iconic Worldwide, formerly known as Sanbumi Holdings Bhd, changed its name in August last year.

Source: Bernama Posted on : 21 September 2020