11 JUNE, PETALING JAYA – In its ongoing quest to set Malaysia, particularly Melaka, for international excellence, award-winning property developer and property tourism specialist, Sheng Tai International Sdn. Bhd. (Sheng Tai International), today entered into another exclusive Memorandum of Agreement (MoA) with Malaysia’s leading latex and nitrile gloves manufacturer, KenTeam Asia Glove Hub Sdn Bhd (KenTeam).
The agreement is for Sheng Tai International to offtake 110 production lines from KenTeam’s 90-acre Glove Hub in Jasin, Melaka, which Sheng Tai International was appointed to design, construct and build.
When completed, the expected production capacity for each production line is 3 million boxes per annum; hence the total production capacity for all 110 productions lines are 330 million boxes per annum.
A virtual signing ceremony between Dato’ Leong Sir Ley, Founder and Chairman of Sheng Tai International and the Datuk Seri Justin Lim, Chief Executive Officer of KenTeam, was held to cement this exclusive partnership. This auspicious signing ceremony was witnessed by YB Datuk Seri Mohd Redzuan bin Md Yusof, Minister in the Prime Minister’s Office (Special Duties).
Dato’ Leong Sir Ley, Founder and Chairman of Sheng Tai International, said, “This partnership marks a significant milestone for us at Sheng Tai International.”
“It provides an entry point for Sheng Tai International into the nitrile glove manufacturing industry that is growing rapidly due to Covid-19 and other infections.”
According to Precedence Research’s ‘Nitrile Gloves Market Size, Share, Growth Outlook, Trends, Analysis, Segment Forecasts, Regional Insights and Forecast 2020-2027′ report, the nitrile glove industry is forecasted to reach RM38.7 billion (US$ 9.41 billion) by 2027, with a compound annual growth rate (CAGR) of 13.8% during the period 2020 to 2027.
Dato’ Leong is expecting that the demand for nitrile gloves will continue to grow in the post-covid-19. “The rising prevalence of chronic diseases, as well as the increasing awareness of health protection especially among the elder generation, will continue to trigger the demand for nitrile gloves.”
“We believe our entry into nitrile glove industry will not only bring positive revenue to Sheng Tai International but also further strengthen our commitment to upholding the nation’s, especially Melaka’s, economy and health.”
“Sheng Tai International has been working cohesively with the State Government to create or bring in more business opportunities to Melaka through strategic partnerships with international brands and we will continue to do so. Creating more job opportunities to the locals and surrounding communities, especially during trying times,” said Dato’ Leong.
For the past year, Sheng Tai International has brought in multiple international brands like IWG, Memorigin and FashionTV to invest in Melaka through their establishments -Metrasquare and The Sail.
In addition, Sheng Tai International is currently building an RM6.5 billion mixed development, The Sail, which is located in the heart of the 33-km Melaka Waterfront Economic Zone (M-Wez). The Sail Phase 1 is set to complete by this year, making it the perfect partner for international anchor brands to enjoy business opportunities that are available within the development as well as M-Wez.
Recently, Sheng Tai International has also announced its plans to elevate The Sail Melaka Phase 2 and 3 as an International Financial Centre and possibly a duty-free hub.
As a partner of Ken Team International, Sheng Tai International is inviting companies to collaborate or take up production line from the Jasin Glove Hub.
For more information, kindly contact +6011 3737 3399.