KUALA LUMPUR (June 12): Engineering services company Sum Technology Bhd, which is slated to list on the ACE Market on June 18, said it has secured a contract to build a cleanroom facility in Ipoh for an outsourced semiconductor assembly and test (OSAT) firm.
The contract awarded by K Test Malaysia Sdn Bhd, a wholly-owned subsidiary of South Korea-based K-Test Co Ltd, is worth RM20.46 million, said Sum Technology in a filing on Bursa Malaysia on Friday.
The scope of work includes secondary steel support structures with walkable ceilings, conductive electrostatic discharge vinyl flooring, vacuum-insulated stainless steel liquid nitrogen piping, and dual oil-free compressors with multi-stage filter packages.
Sum Technology specialises in the construction of cleanrooms and other controlled-environment facilities, as well as the provision of mechanical, electrical, process utilities and fire protection systems for mission-critical operations. Based in Petaling Jaya, the company also manufactures customised mechanical ventilation and air conditioning products.
The company said it expects to complete the project by February 2027. The contract, it added, will contribute positively to its earnings over the project duration.
Sum Technology, which priced its initial public offering at 28 sen per share, is looking to raise RM32.76 million to fund its working capital, headquarter expansion and a new office in the Philippines.
Its IPO is entirely made up of a public issue of 117 million new shares, with no offer for sale by existing shareholders. The 22.5 million new shares allocated to the public was oversubscribed by 110.54 times.