Iconic Worldwide to diversify into PPE manufacturing with RM155.5m investment

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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