KUALA LUMPUR: Silver Ridge Holdings Bhd
has proposed to diversify into the construction and private placement of up to 66.78 million new ordinary shares.
In a filing with Bursa Malaysia, Silver Ridge said the proposed diversification into construction and construction-related business includes trading and supply of equipment and building materials.
For the proposed private placement, it said 66.78 million shares, representing 30% of total issued shares, will be issued to independent third-party investors to be identified later.
The issue price of each tranche of the placement shares will be determined and fixed by the board and announced at a later date.
Silver Ridge’s principal business involves the provision of telecommunication, preventive maintenance and installation services relating to telecommunication towers.
Its financial performance in the past three financial years was solely reliant on its existing business operation, which has been the sole revenue contributor to the group.
“As part of the group’s strategy to diversify its earnings base and reduce its reliance on its existing business operation, the group has started to participate in tenders and negotiations to secure projects relating to construction business since July 2023,” it said.
The group has also leveraged on its wholly-owned subsidiary, Silver Ridge Sdn Bhd (SRSB) which is a Bumiputera Grade G7 contractor registered with the Construction Industry Development Board of Malaysia (CIDB) and the Ministry of Finance (MOF) to tender for government projects as well as private projects with higher contract value.
The SRSB’s Grade G7 registration is valid till March 11, 2026 and the registration with the MOF is valid till Dec 20, 2024, both subject to renewal.
Silver Ridge has named Nor Hazaimi Hamzah and Lee Wei Chiek to lead the construction business division in the group.
“Moving forward, the group plans to expand and build up a team to carry out its Construction Business. The number of personnel to be hired and the timing for the hiring of such personnel are yet to be determined as it is dependent on the size of the projects secured and when the need arises,” it said.
Separately, Silver Ridge’s wholly-owned subsidiary, Silver Ridge Sdn Bhd has secured a RM1.88mil sub-contract from China Communications Construction (ECRL) Sdn Bhd for the construction and completion of railside protective fencing from CH 349+616.92 to CH364+214, Section 6 for the East Coast Rail Link Project.
