KUALA LUMPUR: Khazanah Nasional Bhd and other government-linked investment companies (GLICs) should continue to identify and nurture more high-potential companies like SkyeChip Bhd to strengthen Malaysia’s position in high-growth technology sectors, particularly semiconductors, artificial intelligence (AI) infrastructure, advanced electronics and digital technologies.
SkyeChip is a fabless integrated circuit (IC) design company specialising in silicon intellectual properties (IPs) and silicon products, which made an impressive debut at RM3.50 on the Main Market of Bursa Malaysia recently, surging RM2.62 or 297.7 per cent above its initial public offering (IPO) price of 88 sen.
"SkyeChip’s strong listing debut reinforces the view that Khazanah has become increasingly effective at identifying strategic technology assets early, especially in sectors tied to semiconductors, digital infrastructure, and advanced engineering,” SPI Asset Management managing partner Stephen Innes said.
Most importantly, the investment came before the broader AI and semiconductor boom became a crowded regional investment theme, reflecting strong long-term positioning, he said.
Prior to listing, the company’s IPO drew overwhelming response from retail investors, with 74,453 applications received for 3.45 billion shares under the Malaysian public tranche, translating into an oversubscription rate of 95 times.
SkyeChip raised RM352 million from its IPO exercise.
"Going forward, this supports a continued focus on scalable technology ecosystems that can move Malaysia further up the global value chain. SkyeChip also validates Dana Impak’s role as a patient capital platform designed to nurture strategically important domestic innovators,” he told Bernama.
Gobi Dana Impak Ventures Fund, managed by Gobi Partners, is a venture capital fund that aims to invest in catalytic sectors to increase Malaysia's economic competitiveness and build national resilience.
The fund is part of Khazanah's Dana Impak mandate, which allocates a substantial RM3 billion over five years to support the Malaysian startup, mid-tier and semiconductor and advanced manufacturing ecosystems.
He said deep tech and semiconductor-related businesses typically require longer development cycles and institutional support before the value is fully recognised by markets.
In the current environment, where global supply chains are increasingly focused on resilience and localisation, it is important for Khazanah to continue expanding its exposure to high-growth technology sectors linked to semiconductors, AI infrastructure and industrial automation.
He said SkyeChip’s growth story further highlights the importance of patient institutional capital in helping Malaysian companies scale globally.
It also sends a positive signal to both domestic and foreign investors that Malaysia is capable of producing competitive technology firms beyond traditional manufacturing sectors.
Khazanah can build on this success by positioning itself not only as an investor but also as an ecosystem builder that helps connect emerging firms with capital, partnerships, research capabilities and regional expansion opportunities.
"One key lesson from SkyeChip’s rise is that future national champions often need to be identified before their commercial value becomes obvious to the broader market,” said Innes.
In technology sectors, value creation tends to accelerate rapidly once scale and market positioning are established.
Innes said this reinforces the need for Khazanah to continue accelerating investments into high-growth sectors that are strategically important to Malaysia’s long-term economic transformation.
Beyond Khazanah, other Malaysian GLICs can also support companies like SkyeChip by helping deepen the domestic innovation financing ecosystem, he opined.
"Institutions such as the Employees Provident Fund (EPF), Permodalan Nasional Bhd (PNB), and Retirement Fund Inc (KWAP) can play a role through long-term capital partnerships, co-investments, and strategic support for commercialisation and regional expansion.”
"Building globally competitive technology champions will require coordinated support across funding, talent development, infrastructure, and market access,” said Innes. - Bernama
