Malaysia’s state-linked strategic investment company VentureTECH Sdn Bhd has invested 10 million ringgit ($2.4 million) in local engineering and construction service provider CMC Group, it said in a statement on Friday.
CMC Group specialises in system technology for public transportation, info-communication and power and energy sectors. Some of its high-profile projects in Malaysia include the mainline rail and Light Rail Transit (LRT) projects. It was also involved in projects such as Ho Chi Minh City Metro Line 1 in Vietnam and Changi Airport Terminal 2 telecommunication infrastructure upgrade in Singapore.
“The investment in CMC Group is guided by our mission to build strong Malaysian businesses in the high value added and high growth industries capable of ensuring impactful socio-economic multiplier and benefits. Specifically, for CMC Group, we are impressed with the company’s business plan and execution track record in pursuing strategic and innovation-driven opportunities to deliver sustainable growth,” said VentureTECH managing director Norida Abdul Rahman.
“…together with VentureTECH, CMC is committed to continue developing the Malaysian business ecosystem through various initiatives such as our vendor development programme and our talent management programme,” said CMC Group CEO Hazwan Alif Abdul Rahman.
VentureTECH was established by the Malaysian government in 2009 with a mandate to catalyse the growth of high technology industries via impact investing with an emphasis on bio-based, green tech and emerging industries. It is a wholly-owned subsidiary of the Malaysian Industry-Government Group for High Technology (MIGHT).