Flonic Hi-Tec eyes turnaround


PETALING JAYA: Flonic Hi-Tec Bhd expects to make a turnaround soon, driven by its building materials and project management operations segments.

Chairman Datuk Cheng Lai Hock said the loss-making company was very optimistic about the company’s future and was working hard to improve overall financial performance by streamlining operations and focusing on its two core businesses.

“Under building material operations, the group plans to expand its product offering to cater to a wider range of construction industry players.

“This includes new building material products of industrialised building system (IBS) which can cater for an efficient method of construction for all development sectors,” he told reporters after the AGM and EGM in Petaling Jaya on Wednesday.

He said the shareholders approved the company’s change of name to SC Estate Builders Bhd to reflect the company’s penetration into a broader spectrum in the construction industry in striving for better financial performance.

With the Malaysian government targeting affordable public housing under its strategic thrust of “A home for every household”, the company is encouraged to play a wider role in the construction industry, said Cheng.

Moving forward, he said, the company was targeting for more contruction companies awarded with affordable public housing projects in their respective state.

The group has just been awarded over RM30mil worth of affordable public housing projects in Malacca, and he said the company was currently in the midst of negotiations with many parties.

He said the company was changing its direction into the IBS (industrialised building systems) segment from its traditional core business previously, adding it had not decided on the amount to be invested into the IBS business, which would be starting soon.

He said the company recently completed a private placement and a significant part of its some RM20mil in cash reserve would be allocated for the segment. - Berbama


Subscribe or renew your subscriptions to win prizes worth up to RM68,000!

Monthly Plan

RM13.90/month

Annual Plan

RM12.33/month

Billed as RM148.00/year

1 month

Free Trial

For new subscribers only


Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
   

Next In Business News

Lagenda Properties' unit secures contract worth up to RM99.6mil
Icon Offshore secures four key agreements to drive portfolio growth and expansion
RHB, CGC ink Malaysia’s first LCTF portfolio guarantee agreement, valued at RM400mil
Solarvest secures RM142mil solar EPCC contract in Kedah
Allianz Malaysia posts 7.4% lower earnings of RM183.17mil in 3Q
Tex Cycle eyes M&A, ESG market expansion
Ringgit retreats after three days of gains
Sarawak Plantation posts 14.5% profit jump in 3Q, declares 15 sen dividend
MAHB raises RM1.6bil in oversubscribed sukuk wakalah
MNRB appoints Rudy as interim president & CEO

Others Also Read