KUALA LUMPUR (Oct 22): ACE Market-bound Insights Analytics Bhd, a Sarawak-based asset management and water technology firm, plans to partner with Sarawak Artificial Intelligence Centre Sdn Bhd (SAIC) to jointly develop artificial intelligence (AI) and digital twin solutions for key sectors in the state.
SAIC is a state-owned company incorporated in 2024. It focuses on engineering and technology research and development (R&D) and is tasked with developing sovereign AI technologies to drive Sarawak’s digital economy growth.
The two parties inked a memorandum of understanding (MOU) on Wednesday to establish the basis of the proposed collaboration, which will include the development and deployment of AI platforms, digital twin technologies and advanced analytics solutions in mission-critical industries such as energy, utilities, water, construction, transportation, and agriculture.
Digital twin solutions are virtual replicas of physical assets, systems or processes. They are linked to their physical counterparts to allow users to monitor performance, run simulations and predict outcomes or maintenance needs.
For the collaboration, SAIC will provide research infrastructure, facilitate policy alignment, and coordinate outreach to government agencies, academia, and industry partners.
Insights Analytics, meanwhile, will provide technical expertise, software and intellectual property, and lead the commercialisation strategy for both domestic and international markets.
The MOU is effective for five years and may be superseded by a definitive agreement.
The announcement comes ahead of Insights Analytics’ listing on the ACE Market of Bursa Malaysia on Oct 27. The group, which reported a first-quarter net profit of RM9.28 million on a revenue of RM28.7 million, derives about 60% of its turnover from water technology solutions for agencies such as the Sarawak Rural Water Supply Department and the Kuching Water Board.
Its initial public offering (IPO), at 36 sen per share, values the group at RM198 million, with the public portion oversubscribed by 53.62 times.
M&A Securities Sdn Bhd is the sole adviser, sponsor, underwriter and placement agent for the IPO.