KUALA LUMPUR, 12 October 2020 – Ho Wah Genting Berhad’s (“HWGB” or the “Company”) (Bursa Stock Code: 9601) Indonesian subsidiary, PT Ho Wah Genting (“PTHWG”), is ready to tap into the fastest growing pharmaceutical market in ASEAN region while maintaining its existing line of business in manufacturing wires and cables.
PTHWG has obtained permit to manufacture and distribute pharmaceutical products from Indonesian Investment Coordinating Board.
The Online Single Submission Commission (“OSS”) of Indonesia published a government notice dated 20 July 2020 allowing PTHWG to manufacture and distribute pharmaceutical products within and outside Indonesia. The license issued by OSS will grant PTHWG permission to import raw materials for use in producing these pharmaceutical products.
Chief Executive Officer of HWGB, Dato’ Aaron Lim said: “This is just a license to enable PTHWG to capture the huge market in Indonesia where demand for pharmaceutical products has risen exponentially given the country’s economic growth and prosperity.”
“This will certainly be an important contributor to our healthcare business that we have ventured into and announced earlier in March 2020. The license also allows us to export the pharmaceuticals from our Batam plant while we are still looking into its feasibility as this is subject to local laws”.
ABOUT HO WAH GENTING BERHAD
Ho Wah Genting Berhad is principally engaged in investment holdings and the provision of management services to its subsidiaries. The Company had on 30 June 2020 diversified its existing businesses to include healthcare related industry which mainly involved in Health Supplement, Biotechnology and Health Technology. In addition, the Company and its subsidiaries are also engaging in the businesses of Investment holdings; manufacturing of wires and cables and moulded power supply cord sets and cable assemblies for electrical and electronic devices and equipment; trading of wire and cable; and travel agent and tour related services.
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