Press Coverage

RM89 mil market cap added

The Edge Malaysia

Iconic Worldwide, through its wholly-owned subsidiary Iconic Medicare Sdn Bhd, began production trials of three-ply face masks in a rented premise in Juru, Penang, last month. It will initially produce two million to three million masks a month, before gradually increasing production to five million a month. In addition, the company aims to produce one million N95 disposable surgical masks a month.

The Penang-based tourism and property development outfit has made an internally funded initial investment of RM2.8 million in the new venture and hopes to derive a double-digit profit margin from it.

Thanks to strong buying interest in PPE-related companies, Iconic Worldwide saw its share price surge 406% to a 52-week high of 91 sen on Aug 6 from a low of 18 sen on March 25, when most global markets reported severe contractions, mainly in response to the Covid-19 pandemic and an oil price war between Russia and the Organization of the Petroleum Exporting Countries. The stock closed at 57 sen on Wednesday, valuing the company at RM184.52 million.

https://www.theedgemarkets.com/article/beneficiaries-pandemic-separating-wheat-chaff