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Texchem receives MIDA’s green light to produce face shields

Texchem receives MIDA’s green light to produce face shields

07 Aug 2020

Texchem Resources Bhd’s unit has received the Malaysian Investment Development Authority’s green light to produce face shields.

The unit, Texchem-Pack (M) Sdn Bhd, is involved in the medical and life sciences industry, Texchem said in a bourse filing today.

“In view of the global shortage of personal protective equipment, Texchem-Pack was able to mobilise its existing facilities, technical capabilities and supply chain to produce face shields to realise a new business segment.

“Texchem-Pack has on Aug 6 obtained the approval from MIDA to produce the face shield. Sold under the brand name ‘Tex-Shield’, the face shield has since been exported to countries such as Singapore, Japan, Thailand, Vietnam, Indonesia and the US, while local sales are encouraging,” the group said.

Texchem said Texchem-Pack has seen encouraging sales with over 3.5 million pieces of face shields sold with the biggest number exported to Singapore.

Meanwhile, Texchem Malaysia Sdn Bhd, a unit of the group’s wholly-owned Texchem Materials Sdn Bhd, has also utilised its existing facilities to commence production of surface disinfectant and hand sanitisers under the brand “TEXMa”.

The group noted that the risks related to the protective consumer goods segment include technical expertise and supply chain management risks. 

Nevertheless, it said these will be mitigated by the firm’s years of experience and track record in the medical and life sciences industry. 

“Post-pandemic, these products will continue to be essential, as people are more vigilant of hygiene practices,” it said.

Shares of Texchem settled 11.5 sen or 14.02% lower at 70.5 sen today, giving it a market capitalisation of RM87.49 million. Some 4.94 million units were traded. 

Source: The Edge Markets