Mah Sing shares sought after on glove diversification news

by BERNAMA / pic by TMR FILE

SHARES in Mah Sing Group Bhd rose 1.38 per cent and emerged as one of the most actively traded counters on Bursa Malaysia at mid-afternoon today after announcing it is diversifying into the manufacturing and trading of gloves and related healthcare products business.

At 3.39 pm, the property developer’s shares gained one sen, or 1.38 per cent, to 73.5 sen with 95.79 million shares changing hands.

Mah Sing said in an exchange filing today that it had proposed to diversify into the manufacturing and trading of gloves and related healthcare products.

Under the diversification proposal, its indirect wholly-owned subsidiary, Mah Sing Healthcare Sdn Bhd, would acquire 12 new glove production lines which are expected to yield an estimated total production capacity of up to 3.68 billion pieces of gloves per annum.

The group anticipated the move could help mitigate its potential downside risk arising from the wide-ranging effects of the COVID-19 pandemic on the local and global economy.