KUALA LUMPUR (Nov 30): Newly-appointed chairman of Supermax Corp Bhd, Albert Cheok, said the group is targeting to produce 250 million pieces of contact lens in the next 12 to 18 months, once it secures its “last mile” of geographical expansion into China. 

Speaking after the group’s annual general meeting (AGM) and extraordinary general meeting (EGM), Cheok said the group could consider gearing up to finance the expansion of its contact lens business to produce one billion pieces over time. 

“That is what we have spent but the more important thing is that we have the reserve power to finance, if we need to expand. Our gearing ratio is very low — we are not (a) very indebted company — at around 20-25%,” he said. 

The group has thus far invested over RM100 million in its contact lens business, which now produces 70 million pieces per annum, said Cheok, who was appointed in October following the resignation of Tan Sri Rafidah Aziz. 

Supermax is currently in the “last mile” of its expansion into China as the group is awaiting  the approval of its license application from relevant authorities, which Cheok anticipates could be given next year.

To date, the group has obtained the necessary licenses and approvals to export its products into several global markets, including the US and Japan, two of the largest contact lens markets at present. 

“We are now two footed, going on our traditional strength in gloves and our opportunistic strength in contact lenses. The two products we are producing are neutral, unaffected by cyclical changes,” he added.

At 3.13pm, Supermax traded 11 sen or 2.96% lower to RM3.60, for a market capitalisation of RM2.39 billion.