Iconic Worldwide Bhd is looking to diversify its existing core businesses to include manufacturing and trading of personal protective equipment, as well as disposable face masks and gloves , with a total investment of RM155.51 million.
The RM155.51 million investment will be used for land acquisition, construction of a manufacturing facility, installation and commission of production lines, other equipment and working capital. It will be financed via a combination of internally generated funds, bank borrowings, and/or fundraising exercise.
A total of 22 production lines comprising 12 glove-dipping lines and 10 mask production lines will be installed and commissioned over 12 months, at a total cost of RM78.2 million. Iconic Worldwide managing director Datuk Tan Kean Tet expects demand for PPE to be sustainable even after the Covid-19 pandemic due to prevailing public awareness of the need for self-protection and hygienic practices.
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