KUALA LUMPUR (Dec 29): New Hoong Fatt Holdings Bhd (NHF), which manufacture automotive replacement parts, is gearing up to export its products to Latin America and China next year.

NHF exports its products to more than 50 countries worldwide, with Thailand, Saudi Arabia, Egypt, Dubai and Mexico as its top markets this year.

“NHF’s export market currently contributes 42% to the total revenue. We are constantly on the lookout for new markets and opportunities to bring forth NHF products, which is why we  participate in key expositions, the most recent being Shanghai Automechanika 2014,” said NHF managing director Chin Jit Sin said in a statement today.

Aside from its export market and manufacturing plant in Malaysia, NHF has also invested RM25.1 million in developing its trading arms in Jakarta, Indonesia and Shanghai, China.

NHF is also looking forward to the development of the Asean Economic Community (AEC), which is expected to be introduced next year, citing increased opportunities and ease of doing business.

On the local front, NHF expects 2015 to be a challenging year, given global economic uncertainties and the upcoming Goods and Services Tax (GST) on April 1.

Nevertheless, the group has made necessary preparations and modifications to its business processes, in anticipation of the impending GST.

“Despite the possibility of challenges, we believe that with the experience NHF has in the industry combined with the team’s expertise, we will be able to weather the challenges,” said Chin.

Shares in NHF have fallen by 32 sen or 11.14% year-to-date, to close at RM2.55 before the midday trading break today, giving it a market capitalisation of RM191.6 million.