KUALA LUMPUR, 09 NOVEMBER 2020 – Ho Wah Genting Berhad’s (“HWGB” or the “Company”) (Bursa Stock Code:9601) Indonesian subsidiary, PT Ho Wah Genting (“PTHWG”), had obtained the approval from the Ministry of Health of the Republic of Indonesia for the manufacturing of medical devices.
Tapping with the recently announced approval to manufacture and distribute pharmaceutical products as well as the appointment of Ariston Ginting as consultant for PT HWG, the company is set to look for more business opportunities, subject to feasibility studies to be conducted.
Vice President of PTHWG, Mr. Wilson Song, said: “We welcome the good news of the approval as it allows us now to improve our income stream by manufacturing not only pharmaceutical products but also medical devices while ensuring our existing cable manufacturing business continues to perform. We will keep the market informed on the latest development of the company”.
ABOUT HO WAH GENTING BERHAD
Ho Wah Genting Berhad (“HWGB” or the “Company”) 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 (“HWGB Group” or the “Group”) 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 wires and cables; and travel agent and tour related services.
ABOUT PT. HO WAH GENTING
PT Ho Wah Genting (“PT HWG”) is an integrated manufacturer engaged in manufacturing of wires and cables, power supply cord sets and moulded cable assemblies for original equipment manufacturers(OEM) of electrical and electronic devices and equipment and for original design manufacturers (ODM) in meeting consumer regulatory requirements emphasizing on quick turnaround and delivery.
PT HWG brought in wide resources, specialized expertise and technical knowledge to its production which encompasses advanced product development, efficient manufacturing process and strong distribution capabilities in order to meet the requirement of OEM and ODM.
On 12 October 2020, PT HWG obtained permits to manufacture and distribute pharmaceutical products from Indonesian Investment Coordinating Board to tap into the potential business opportunities in healthcare industry. The regulatory approval from the Indonesian Investment Coordinating Board will allows PT HWG to export the pharmaceuticals from Indonesia, subject to the feasibility studies being conducted.