SHAH ALAM: Industrial automation and power systems provider Swift Energy Technology Bhd (SET) aims to increase export growth to 80% from the current 60% after its listing on Bursa Malaysia Securities’ ACE Market scheduled for Jan 8, 2025.
CEO Tan Bin Chee said the company plans to use proceeds from its RM70.06 million initial public offering (IPO) to strengthen its foothold in international markets.
“My vision here is to build more export markets while maintaining our strong foundation in Malaysia. So we can have more geographical diversity and we can split the risk. This is my personal aim,“ he told SunBiz in an exclusive interview.
Tan also shared SET’s plans to venture into other regions, including the United Arab Emirates (UAE) and Qatar.
“The government has been instrumental in supporting us through initiatives like Matrade’s sponsorship for ADIPEC exhibitions and mid-tier company training. These efforts have helped us secure partnerships, such as with UAE-based Suwaidi Engineering,“ said Tan.
He said SET hopes to develop new products that can help address the Middle East market with the hotter ambient temperature.
“Currently, most of our projects cater to Asean and Asia-Pacific, where temperatures do not exceed 40°C. In the Middle East, temperatures range from 40°C to 55°C. Products for these conditions require special testing to ensure durability. We plan to acquire a temperature chamber simulating 55°C. Testing products in this environment will provide valuable data for this significant market,“ Tan explained.
Tan disclosed that Swift Energy Technology plans to expand operations in Indonesia.
“Indonesia is projected to become the sixth-largest economy globally and has the fourth-largest population. They demand food-related products like cooking oil, flour, sugar, and biodiesel, driven by Go Green initiatives requiring a 10% biofuel mix. It’s a vast market.”
He said SET, led by COO Chin Saw Yong, has been serving Indonesia since 2000. The company now has 300-400 installation bases and plans to address its existing markets while exploring new opportunities.
“SET’s collaboration with PT Sutrako, a specialist in offshore MCM maintenance projects, connects the company with Pertamina, Indonesia’s national oil company. With this support, we hope for expansion beyond Malaysia and Thailand,“ Chin said.
Additionally, Tan said, SET’s focus on digitalisation and continuous training has enabled the company to maintain a competitive edge in the industrial automation and power systems market.
“The ACE Market listing will provide us with the resources needed to invest in research and development, talent acquisition, and modern facilities. Currently, we have a complete range, and we hope during this one, two years ahead, we can focus on enhancing the current offering with a higher rating, with a wider coverage,“ said Tan.
