PETALING JAYA: Ni Hsin Resources Bhd’s wholly owned subsidiary Ni Hsin Food & Beverages Sdn Bhd yesterday entered into a collaboration agreement with Fiatec Biosystem Sdn Bhd to develop health and bioenergy products for its new food and beverage (F&B) business.
According to a filing with Bursa Malaysia, Fiatec will be appointed for R&D and to formulate new health and bioenergy products for its food and beverage business, and the agreement will be valid for a period of two years.
Ni Hsin Food & Beverages managing director Khoo Chee Kong said the global health and wellness food market is poised for an encouraging growth as the new normal has made people realise the importance of adopting healthier social habits.
He notes that governments across Asia are also pushing for better weight management and cardiovascular health, and Fiatec will be creating products that tackle these specific problems for Ni Hsin in the initial stage of the collaboration.
“Fiatec is one of the only few companies in Malaysia that provides technical support in terms of F&B product development and innovation, and their team is made up of experts with decades of experience in F&B manufacturing,” he added.
Ni Hsin had announced last month its proposed diversification into the F&B segment to create a new streams of income to mitigate the risk of overdependence on its existing core businesses. The new segment is expected to start generating revenue for Ni Hsin from the first quarter of 2021 onwards.