Pestech targeting high-value projects

terday at Invest Malaysia 2012.

Tajuddin said it would rely on the power of network without incurring so much cost.

“Asean as a group also would market well as it had rich and diversified investment portfolios,” he said, adding that the European countries had worked on this same effort a while ago and it had benefited Europe to a point where the region had become a community by itself.

“Europe as a market is borderless and we can learn from them. The benefits of this will outweigh the challenges and issues that we will face along the way,” he said.

Tajuddin said one of the challenges was different exchanges in Asean were at different stages of development.

“Nevertheless, for a start, the first linkage between Bursa Malaysia and Singapore Stock Exchange will be established by the end of June.

“And the Stock Exchange of Thailand will join the platform in August,” he said. PETALING JAYA: Integrated electric power technology provider Pestech International Bhd made its debut at 91 sen on the Main Market of Bursa Malaysia, a nine-sen discount over its RM1 initial public offering price (IPO), with 5.09 million shares traded.

At the opening bell, 50,000 shares changed hands, with the counter reaching an intra-day high of RM1.01.

The company will use RM1.40mil from the RM12.88mil raised via the IPO to fund its design and development efforts to widen its range of own-manufactured products.

The company said in a statement that it intended to expand strategically with plans to tap the market within the country and neighbouring countries.

“Our current order book of RM187.93mil puts us in a comfortable position to bid for projects that will be strategic to our growth plans,” said Pestech executive director and chief executive officer Paul Lim.

“We are targeting high-value projects in our existing markets, while aiming to gain a foothold into new markets. In our business, the track record and experience of having delivered projects overseas and in certain countries, such as the ones that we have done, are very important.”

He said the company had established a solid track record and reputation over the years with its reference sites in Malaysia, Brunei, Papua New Guinea, Cambodia, Sri Lanka, Ghana and Tanzania and was eyeing emerging economies of Vietnam, Myanmar and Laos as its new markets.

“As countries in this region develop, the need for electricity supply network to widen is important to ensure continued growth and improve the standards of living within the country. Besides having the experience and track record, we are also in the same region and have cultural similarities. These give us the advantage of a better understanding of customers’ needs and challenges,” said Lim.

Pestech started venturing into the foreign markets in 2007 with 76.5% of the group’s revenue contributed by overseas operation currently.

The company recorded a net profit of RM12mil on revenue of RM130.95mil for its financial year ended Dec 31, 2011.

Lim: