Sum Technology To Strengthen Malaysia, Philippines Presence
KUALA LUMPUR, June 18 (Bernama) -- Turnkey solutions provider, Sum Technology Holdings Bhd plans to strengthen its presence in Malaysia and the Philippines following its strong debut on the ACE Market of Bursa Malaysia today
At 9 am, the company's share rose 40 sen, a premium of 12 sen from its initial public offering price of 28 sen, with a total of 36.59 million shares changing hands.
Executive director and chief executive officer, Lee Thiam Hing said the company is pursuing a robust pipeline of projects across various sectors, particularly industrial developments and data centres in the Philippines and Johor.
He said discussions on the next phase of expansion are ongoing, following the completion of existing projects.
"On the data centre business (in the Philippines), the company has recently completed Phase 1 and is looking to acquire additional land in the Philippines to support future growth, while plans are still being finalised for Phase 2.
"The company is actively exploring opportunities for further development in the market," he said in a press conference today.
In Malaysia, Lee said Sum Technology is advancing its data centre projects in Johor.
"One of the (data centre) blocks is nearing completion and is expected to be ready by August this year, while construction of another block is progressing well, with the main structure already completed, and the entire facility is expected to be completed within this year.
"Discussions are underway for the development of two more data centre blocks, and are expected to be completed within this year," he said.
Commenting on concerns over the impact of the ongoing West Asia conflict on supply chains, Lee said Sum Technology has remained unaffected due to its diversified supplier base, primarily local suppliers and those in China.
“Any conflict will have some impact on global supply chains. However, at this stage, our operations have not been significantly affected.
"Currently, we procure most of our raw material from China, and we have also self-sustained through our own factory," he added.
Sum Technology is a turnkey solutions provider specialising in cleanrooms, controlled environments, and mechanical, electrical, process utilities and firefighting systems for mission-critical facilities.
At 5 pm, the company’s shares rose by 24.5 sen to 52.5 sen, with a total of 193.70 million shares traded.
-- BERNAMA