KUALA LUMPUR, March 2 (Bernama) -- Biosis Group Bhd plans to make SSN Medical Products Sdn Bhd, a natural rubber glove and condom producer, as its subsidiary, Chief Executive Officer Khoo Chee Kong said. Biosis, via its subsidiary Biosis Marketing Sdn Bhd, today inked a distributorship agreement with SSN Medical and another deal which gives Biosis the option to buy up to 51 per cent stake in SSN Medical.

International Trade and Industry Minister Datuk Seri Mustapa Mohamed witnessed the signing ceremony here.

"The plan now is to do the marketing of SSN Medical products first. When the time is right, we will exercise the option.

"We are still waiting for SSN Medical's audited result for the 2009 financial year, which will come out soon," Khoo told reporters.

He said the human care product distributor would buy the stake at a target price earnings ratio of five times SSN Medical's 2009 earnings.

With the new products in the pipelines, he said, Biosis would be a total human care company with an aim to achieve a sales growth of 10 per cent this year. Last year, it recorded RM57 million sales.

SSN Medical Managing Director Clinton Ang said the company would be leveraging on Biosis' global network to market its natural rubber gloves and condoms.

Biosis will be export SSN Medical's products to its international market such as the United States, Europe, Africa as well as Middle East.

"We are now aggresively promoting our new condom, called 'Rindu', and we are targeting Indonesia and Malaysia for this new Manjakani-based condom," Ang said.

Malaysia, he said, sold about five to 10 million condoms annually while the Indonesian market was 10 times bigger due to its larger population.

Ang said SSN Medical expected to rake in RM24 million turnover this year from about RM14 million previously, supported by this partnership.

-- BERNAMA