SIAB Holdings Berhad Welcomes New Executive Directors, Poised For Long-Term Growth

KUALA LUMPUR, 15 July 2024 – Siab Holdings Berhad (“Siab” or the “Company”), an established player in Malaysia’s construction industry, is pleased to announce the appointment of Mr. Wong Yih Ming (“Mr. Wong”), the founder and Managing Director of Taghill Projects Sdn. Bhd. (“Taghill”) and Mr. Vincent Chu Yee Hong (“Mr. Vincent”), the Deputy Managing Director of Taghill, on 2 July 2024 and 15 July 2024 respectively, as the new Executive Directors of the Company, representing an important milestone for Siab on the addition to the Board of Directors.

Mr. Wong, Mr. Vincent, and Mr. Yap Kek Siung (“Mr. Yap”), Executive Directors of Taghill, bring their wealth of experience and strong track records in the construction industry to the Company. They oversee and manage Taghill and Bimtech Solutions Sdn. Bhd. (“Bimtech”), a 60% owned subsidiary of Taghill. Among the notable construction projects under Taghill’s portfolio are the Skyline Kuala Lumpur, The Cove in Melaka, D’Velada at Bukit Jalil, among many others.

Bimtech is a specialist in Building Information Modeling (BIM) technology for the construction industry, a digital representation of the physical and functional characteristics of a facility, which serves as a shared knowledge resource for information about a facility, forming a reliable basis for decisions during its lifecycle from inception onward. Bimtech has been involved in notable projects such as Avenue K Kyliez, Noordin Suite in Penang and Kingwoodz @ Bukit Jalil by EXSIM, Cove Melaka by KEB Group, and 88 Avenue @ Kota Kinabalu by Mega City Development, demonstrating its capability in delivering high-quality, technologically advanced construction solutions.

Mr. Ng Wai Hoe, Group Managing Director of Siab said, “We are thrilled to have Mr. Wong, Mr. Vincent and Mr. Yap join our executive team. Their vast experience and visionary leadership in the construction industry will be invaluable to Siab as we embark on the next phase of our growth journey. Mr. Wong, Mr. Vincent and Mr. Yap’s proven track record in successfully managing large-scale projects and his strategic insights will significantly strengthen our leadership team. With the inclusion of Taghill and Bimtech, we are committed to delivering excellence, expanding our market reach, and exploring new opportunities for long-term growth. With their expertise and our combined efforts, I am confident that Siab will achieve remarkable milestones and continue to create substantial value for our stakeholders. We are poised to capitalize on the increasing demand in the construction sector and contribute meaningfully to the development of Malaysia’s infrastructure.”

Mr. Wong, Executive Director of Siab expressed his enthusiasm about his new role, “I am honored to join Siab Holdings Berhad at such a pivotal time. The integration of Taghill’s expertise with Siab’s robust platform creates a unique opportunity to drive significant growth. I am excited to work closely with Mr. Ng and the entire Siab team to leverage our combined strengths to enhance our project delivery and expand our market presence in the long run. With the support of our dedicated team, I am confident that we will achieve remarkable milestones in the near future.”

Mr. Vincent, Executive Director of Siab and Mr. Yap, Executive Director of Taghill, both stated, “We are thrilled to be part of Siab Holdings Berhad. By working alongside the Board of Directors of the Company, we are poised to grow together and achieve new heights. With Bimtech’s expertise in BIM technology, we can offer innovative and efficient solutions to our clients, ensuring project success and client satisfaction. Our involvement in prestigious projects showcases our capability and commitment to excellence as a group. We look forward to contributing to Siab’s growth and success in the construction industry.”

The recent Malaysian Budget 2024 has further strengthened Siab’s growth prospects, with a significant allocation of RM90 billion for development expenditure aimed at driving economic growth across various sectors. The property market in Malaysia has shown remarkable activity in the first quarter of 2024, recording a 34.3% growth compared to the same period last year. Over 104,297 transactions worth RM56.53 billion were completed, reflecting a substantial 34.3% increase in transaction value.

Siab’s wholly-owned subsidiary, Taghill, continues to secure substantial projects, further solidifying the Company’s market position. Recently, Taghill won a new contract from Exsim Noordin Sdn. Bhd. valued at RM176.2 million as announced on Bursa Malaysia on 3 July 2024. This addition boosts Siab’s total order book to RM2.06 billion, reflecting the subsidiary’s strong performance and the positive outlook for Siab’s future.

Looking ahead, Siab and its subsidiary, Bimtech remains optimistic about the prospects for the construction industry in Malaysia. The Company will continue to uphold strict adherence to good corporate governance and be fully committed to ensuring business as usual by actively pursuing new projects. The government’s focus on development expenditure and the vibrant property market provides a solid foundation for continued growth. With a combined order book that includes significant projects and a strategic leadership team, Siab is well-positioned to achieve its growth objectives and drive long-term value creation.