KUALA LUMPUR (Aug 5): Ni Hsin Resources Bhd has inked an exclusive distributorship agreement (EDA) with Japanese kitchen cookware manufacturer Wonder chef Co Ltd to market the latter's products in the Asean market.

In a statement today, Ni Hsin said its unit Ni Hsin Corp Sdn Bhd (NHC) had entered the EDA to particularly market woks and pressure cookers.

It said Wonder chef's products are sold in numerous Japanese departmental stores and general merchandising stores, as well as via television shopping to reach out to a wider consumer group.

The firm said the main product is the pressure cooker.

NHC managing director Khoo Chee Kong said the EDA marked an important milestone in the corporate history of Ni Hsin Group.

"We will make Malaysia the first successful country to distribute Wonder chef products and eventually venture into other countries in the ASEAN region.

"The next countries for immediate market expansion will be Singapore, Thailand and Indonesia," he said.

Khoo said there is growing demand for quality cookware in the Asean region, driven by improved living standards and a growing affluent group, adding that the Asean region with a population of 660 million will definitely be an important market to tap besides China and India.

Khoo said the EDA is for five years, with an option to renew at both parties' consensus.

He said the collaboration is expected to contribute positively to Ni Hsin's earnings for its financial year ending Dec 31, 2019 and Dec 31, 2020.

At the midday break today, Ni Hsin fell 2.94% or 0.5 sen to 16.5 sen for a market capitalisation of RM53.05 million.