According to a release by Hafary, the new JV will enable the group to “move upstream” and overcome supply constraints. It will also leverage on its majority shareholder, Hap Seng Consolidated Berhad’s MML brand, as well as Hap Seng’s distribution networks to grow sales in Malaysia and the regional export market.
Mainboard-listed Hafary (SGX:5VS
) Holdings, which supplies premium tiles, as well as other fittings, has expanded its operations to include manufacturing capabilities on Dec 15.
The expansion was made through the incorporation of a new joint venture company (JVCo), International Ceramics Manufacturing Hub Sdn Bhd with Guangdong ITA Element Building Materials Co. Limited (ITA) and CNA Pte Ltd, an established premium tile manufacturer.
