PETALING JAYA: PMW International Bhd
has entered into a share subscription and shareholders’ agreement with Sarawak Timber Industry Development Corp (STIDC) to undertake the development and operation of a new manufacturing facility in Tanjung Manis, Mukah, Sarawak.
In a statement, PMW said the agreement will see STIDC subscribing to 20% ordinary shares and redeemable preference shares (RPS) in PMW Winabumi (Sarawak) Sdn Bhd (PMWWS), a wholly-owned subsidiary of PMW.
“The agreement is aligned with PMW’s strategy to strengthen its presence in Sabah and Sarawak, and expand its manufacturing capacity, positioning the group to capitalise on growing demand, driven by infrastructure development, electricity grid expansion, and digital economy and 5G rollout initiatives in the state.”
PMW, an integrated infrastructure solutions provider, said PMWWS will serve as the vehicle to develop and operate a new concrete piles and poles manufacturing facility in Tanjung Manis.
“The participation of STIDC as a strategic state-linked stakeholder provides local institutional support and facilitates alignment with the state’s industrial development plans.
“Upon completion of the initial share subscription, PMW will hold an 80% equity interest in PMWWS, while STIDC will hold the remaining 20% equity interest.”
Under the agreement, STIDC will contribute a parcel of industrial land for the development of the facility, which forms part of the overall funding and capital structure of the project.
“Proceeds raised from the subscription of RPS will be utilised for capital expenditure, including construction, machinery and equipment, as well as working capital requirements. The establishment of a localised manufacturing base is expected to enhance cost efficiency and improve responsiveness to project delivery timelines in Sabah and Sarawak.
“This is supported by ongoing infrastructure and development initiatives in Sarawak, including major energy and grid expansion projects led by Sarawak Energy, such as the Baleh hydroelectric project and proposed cascading hydropower developments, as well as continued telecommunications and digital connectivity rollout across the state.
“Large-scale infrastructure and industrial developments under the Sarawak Corridor of Renewable Energy, alongside projects such as the Batang Lupar Bridge and broader infrastructure investments under the 13th Malaysia Plan, are expected to drive sustained demand for construction and utility-related products.”
