At present, the penetration rate of LED lighting in Malaysia is less than 5%. Malaysia plans to stop all production, import and sale of incandescent bulbs by January 2014, and will provide MyLED with a ready-made untapped domestic market. MyLED has signed agreements with several international and domestic companies to jointly promote the growth of SSL business and promote LED manufacturing capabilities.
MyLED Group is a solid-state lighting (SSL) manufacturer. The group's MyLED Optoelectronics subsidiary has been manufacturing LED lighting products and plans to begin production of LED components in January 2012. The company said it will be able to produce 1.5 million LED components per month by 2014. The company has plans to invest $550,000 to expand its plant to meet the growing demand for LED lighting.
It is understood that MyLED has signed memoranda with six original equipment manufacturers (OEMs) from Germany, Japan, Taiwan and Malaysia, three of which include Amprex International Pte Ltd (Japan) and Light-Trend Optoelectronics Technology Co., Ltd. (Taiwan) and OSRAM Opto Semiconductors (Germany) will also provide research and development technology and expertise to MyLED. Since all the chips are purchased from OSRAM, the LED lighting products will also be of German quality and can be guaranteed for five years.
In addition, MyLED also signed a memorandum of sales for eight distributors and agents in Taiwan and Malaysia. Based on these different protocols, MyLED expects its cumulative sales of lighting components to exceed $6.32 million over the next five years.
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