KUALA LUMPUR (May 23): PTT Synergy Group Bhd (KL:PTT) said it will expand its warehousing leasing business into the semiconductor industry in Penang with a build-to-suit and lease artificial intelligence (AI)-driven warehouse for an undisclosed multinational corporation (MNC) that specialises in semiconductor manufacture.

The construction and property group said it has inked a non-binding letter of intent with the MNC for a site measuring 401,701 sq ft and an annual capacity of 552,000 pallets featuring an automated storage and retrieval system.

“The built-to-suit and lease will be used for the manufacturer’s warehousing facilities, catering to customers located in the northern region of Peninsular Malaysia,” PTT Synergy said in a bourse filing on Thursday.

The group said it is not naming the MNC as it has entered into a non-disclosure agreement with the company.

PTT Logistics Sdn Bhd chief executive officer Dan Then said the new project with “a leading semiconductor client” demonstrates PTT Synergy’s capability to deliver customised end-to-end industrial solutions and reaffirms its commitment to driving business growth. PTT Logistics is the logistics business arm of PTT Synergy.

PTT Synergy said the built-to-suit project, along with its PTT Logistics Hub 1 at Elmina Business Park in March 2024, are part of the group’s vision to create a series of cutting-edge logistics facilities.

“PTT Synergy aims to expand its footprint in the industrial sector by delivering top-tier warehousing solutions while simultaneously conserving the environment and reducing the carbon footprint for its clients,” the group added.

Shares in PTT Synergy ended three sen or 1.47% higher at RM2.07, valuing the group at RM383.85 million.