KUALA LUMPUR: Shares in Caely Holdings Bhd jumped 24% in active trade this morning after announcing its diversification into face masks and personal protective equipment (PPE) production.
The undergarments manufacturer jumped 24.1%, or 10 sen to 51.5 sen, its highest in at least one year with 11.3 million shares traded. Caely-WA jumped 51.43%, or nine sen to 26.5 sen sen.
Caely said the company sees this as a good opportunity to diversify revenue streams under its manufacturing segment, to obtain income source from new product types other than its traditional undergarment business.
Caely’s wholly owned subsidiary, Marywah Industries (M) Sdn Bhd has today entered into a product manufacturing agreement with Ni Hsin Marketing Sdn Bhd (NHM), a wholly owned subsidiary of Ni Hsin Resources Bhd.
Under the agreement, Marywah will produce NHM’s brand name products which mainly consists of fabric face masks (under the brand name of Masketeer – Coolmax Fibre Protective Mask) and PPE. The agreement is valid until Dec 31, 2022.
Caely executive chairperson Datin Fong Nyok Yoon said it had been receiving orders from five companies, four of which are local and one from overseas since March 2020.
“The sole overseas order came from Germany, and we are working on further inquiries from USA, Australia, Saudi Arabia and India. We foresee there will be more inquiries in the future, as social habits are changing and wearing face masks are becoming a norm in our lives.”