22 May 2020 Quick Take: Poly Glass Jumps 40% On Melt-Blown Non-Woven Fabric Business Foray
Source: Quick take: Poly Glass jumps 40% on melt-blown non-woven fabric business foray
KUALA LUMPUR: Shares in Poly Glass Fibre (M) Bhd jumped more than 40% in early trade Friday on news of its venture into the manufacturing melt-blown non-woven fabric for surgical face masks.
The glass mineral wool insulation manufacturer, one of the top gainers, surged 40.63%, or 13 sen to 45 sen, its highest since May 2019.
Poly Glass announced that its wholly-owned unit Concrete Energy Sdn Bhd, is venturing into the manufacturing of melt-blown non-woven fabric, a vital component of surgical face masks.
“Leveraging on the company’s expertise in man-made fibre technology and manufacturing experience, it had placed an order with a reputable melt-blown technology developer to supply a state-of-the-art production line with the latest technology to deliver melt-blown non-woven fabric with optimal filtration efficiency and pressure drop at lower basis weights,” Poly Glass said.
Poly Glass said that the production line will be installed at its existing facility in Penang and is expected to commence production by the end of June.
Poly Glass said the melt-blown business is expected to have a positive impact on the company’s earnings and net asset per share for the financial year ending Feb 28, 2021.