i-Stone to tap new chairman's network, eyes venture into oil and gas 

KUALA LUMPUR: Technology firm I-Stone Group Bhd, which reported a drop in its second quarter earnings, has appointed Datuk Awang Daud Awang Putera as its new chairman effective today.

He replaced Datuk Azman Mahmood, who has retired from the company.

Awang Daud, one of the co-founder of Serba Dinamik Holdings Bhd, had acquired a 26.98% stake in i-Stone on Aug 11 from One United Equity Sdn Bhd.

The investment, Awang Daud had said previously, was part of his long-term business strategy to leverage on the technologies of Industry 4.0 such as automation and big data with new inroads to be made.

i-Stone focuses on specialised automation machines. It provides maintenance and technical support services for the machines and data management system used for monitoring and controlling of manufacturing process.

In a separate statement today, I-Stone said it made a net profit of RM1.5mil in the second quarter ended June 30 on revenue of RM13.85mil.

The weaker results was attributed to the movement control order.

"The Group intends to leverage on the newly appointed chairman’s networking to venture into new industry such as oil & gas," the company said.

"Coupled with the vast experience and expertise of the current management team, we are optimistic of the Group’s expansion to broaden our product range as well as our geographical footprint," it added.

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