Kuala Lumpur: Chemlite Innovation Bhd’s (Chemlite) initial public offering (IPO) on Bursa Malaysia marks a significant milestone in its strategic expansion, underscoring its commitment to innovation and bolstering Malaysia’s industrial ecosystem.
According to BERNAMA News Agency, Malaysian Investment Development Authority (MIDA) chief executive officer (CEO) Datuk Sikh Shamsul Ibrahim Sikh Abdul Majid stated that Chemlite’s expansion strengthens Malaysia’s electrical and electronics (E and E) industry, particularly in the semiconductor sector, while advancing the country’s technological capabilities. He emphasized that Chemlite’s investment aligns with the New Industrial Master Plan 2030, generating high-skilled jobs and reinforcing domestic supply chains. MIDA is dedicated to supporting such high-impact investments that exemplify high-value manufacturing to drive Malaysia’s global competitiveness.
MIDA further announced that as part of Chemlite’s strategic growth initiatives, the company has acquired industrial leasehold land from Penang Development Corporation (PDC) within the Penang Science Park North. This acquisition will facilitate the development of a new 100,000-square-feet, state-of-the-art facility aimed at enhancing the company’s production capacity. The expansion is also expected to optimize operational efficiencies and broaden Chemlite’s service portfolio, solidifying its position as a key contributor to Malaysia’s rapidly growing semiconductor and E and E industries.
Meanwhile, Chemlite CEO Chong Yuen Fong acknowledged the support from MIDA, PDC, and Invest Penang, which has been instrumental in the company’s expansion and in reinforcing Malaysia’s position as a hub for high-value manufacturing. He noted that the proactive efforts of the MADANI government, through the Ministry of Investment, Trade and Industry (MITI) and MIDA, have strengthened Penang’s industrial ecosystem and attracted global investments, benefiting the company. The new facility is expected to enhance production capacity and improve service to customers.