WZ Satu proposes name change to Citaglobal

WZ Satu executive chairman and president Tan Sri Mohamad Norza Zakaria

KUALA LUMPUR: WZ Satu Bhd has proposed to change its name to Citaglobal Bhd for a better representation of its nature of business moving forward.

In a filing with Bursa Malaysia, the civil engineering and construction specialist said an extraordinary general meeting (EGM) to obtain shareholders’ approval for the proposed agenda would be held at a date to be announced later.

The group intends to transform into a conglomerate that is involved in facilities management, telecommunications, energy, infrastructure and technology sectors.

“The proposed name change reflects my determination to carry over the experience I have gained in growing Citaglobal Sdn Bhd to bring WZ Satu to greater heights.

“I look forward to turning WZ Satu into a serious player in the industries it is currently involved in as well as new ones that can provide transformational growth,” executive chairman and president Tan Sri Mohamad Norza Zakaria said in a statement.

As at Dec 31, 2021, WZ Satu’s order book stands at RM578mil and this will provide earnings visibility until 2023.

“Over the next few years, one of the key drivers for WZ Satu will be Malaysia’s 5G network rollout and once we complete the acquisition of Citaglobal Engineering Services Sdn Bhd (CESSB), the Group expects to be a beneficiary of the development of 5G telecommunication towers across the country.

“Although WZ Satu does not possess the required licence (network facilities provider licence) for this, CESSB does, and the plan is to inject a certain number of tower projects into the former,” he said.