KUALA LUMPUR, March 6 (Bernama) -- Chemlite Innovation Bhd’s (Chemlite) initial public offering (IPO) on Bursa Malaysia marks a significant milestone in its strategic expansion, underscoring its commitment to innovation and bolstering Malaysia’s industrial ecosystem.
Malaysian Investment Development Authority (MIDA) chief executive officer (CEO) Datuk Sikh Shamsul Ibrahim Sikh Abdul Majid said Chemlite’s expansion strengthens Malaysia’s electrical and electronics (E&E) industry, particularly in the semiconductor sector, while advancing the country’s technological capabilities.
“Chemlite’s expansion represents a strategic milestone in Malaysia's industrial development. Their investment perfectly aligns with the New Industrial Master Plan 2030, generating high-skilled jobs and reinforcing our domestic supply chains.
“MIDA remains committed to supporting such high-impact investments which exemplify the high-value manufacturing that will drive Malaysia's global competitiveness,” he said in a joint statement today.
MIDA said as part of Chemlite’s strategic growth initiatives, the company has acquired industrial leasehold land from Penang Development Corporation (PDC) within the Penang Science Park North.
This acquisition will facilitate the development of a new 100,000-square-feet, state-of-the-art facility, aimed at enhancing the company’s production capacity.
“This expansion will also further optimise operational efficiencies and broaden Chemlite’s service portfolio, solidifying its position as a key contributor to Malaysia’s rapidly growing semiconductor and E&E industries,” it added.
Meanwhile, Chemlite CEO Chong Yuen Fong said that MIDA, PDC, and Invest Penang have been instrumental in supporting the company’s expansion and in reinforcing Malaysia’s position as a hub for high-value manufacturing.
“The proactive efforts of the MADANI government, through the Ministry of Investment, Trade and Industry (MITI) and MIDA, have strengthened Penang’s industrial ecosystem and attracted global investments, which is envisaged to benefit our company.
“Our new facility will enhance our production capacity and allow us to better serve our customers,” he added.
-- BERNAMA
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