After PPE fabric market, Titijaya eyes gloves in next medical move

KUALA LUMPUR (Aug 11): Titijaya Land Bhd said it is in the midst of proposing a diversification into healthcare products, including glove supply, in response to a query by Bursa Securities on the sharp jump in its share price recently.

Titijaya said in a response to the unusual market activity (UMA) query today that it is also “in the midst of discussion with a local producer for the aforesaid supply”.

The company’s share price has climbed 140% over the past five days, as trading volume surged to 70 times its 200-day average of 1.83 million shares.

Apart from the proposed diversification, Titijaya had in April signed an agreement with China's Sinopharm Medical Equipment QuanZhou Co Ltd to collaborate on sale of medical industry-related equipment and real estate.

In June, it signed another deal with Chinese outfit Sinomach Heavy Industry Corp, to develop a facility to produce personal protection equipment (PPE)-related fabric.

“As at the date of this announcement, there is no material development pertaining to the Sinomach Agreement,” Titijaya said.

“We further undertake to make an immediate announcement once our board has deliberated on our new plans of our business which will be tabled to our board in due course,” it added.

At noon market, the counter was down 5 sen or 6.58% to 71 sen, valuing the group at RM964.44 million.

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