News

HSS Engineers eyes potential in ASEAN region

KUALA LUMPUR, April 17 (Bernama) -- Engineering and project management consultant HSS Engineers Bhd is eyeing the vast potential in the ASEAN region, particularly Indonesia and the Philippines, in addition to India.

In a statement today, HSS said the increased attention to the ASEAN region is in light of the significant public investments in large-scale transportation infrastructure, private sector projects and overall economic development.

“Besides this, the group is also looking to venture into recurring income and long-term based contracts, with a focus towards the power sector, namely renewable energy sources such as solar, biogas and biomass.

“This is in response to the target set by the Ministry of Energy, Science, Technology, Environment and Climate Change to increase the country’s renewable energy levels to 20 per cent by 2030, from two per cent currently,” it said.

In line with these endeavours, HSS Engineers today proposed a revision in the utilisation of the remaining RM24.0 million in Initial Public Offering (IPO) proceeds, with proceeds previously earmarked for expansion into India to now also include the ASEAN region, and revised upwards to RM6.0 million from RM5.0 million previously.

“Furthermore, the group proposed RM12.0 million of the IPO proceeds to be reallocated from investment into facility management and Building Information Modelling (BIM) to venture into recurring income and long term-based contracts, with a focus on the power sector,” it said.

Executive vice chairman Tan Sri Ir. Kunasingam V Sittampalam said HSS Engineers plans to leverage on its engineering consulting expertise to take part in this boom.

“The group has already made inroads into Indonesia with the completion of three projects for PT Adaro Energy Tbk prior, and are looking for further opportunities in the country and actively tendering for infrastructure projects in the Philippines to undertake similar works,” he said.

Meanwhile, HSS Engineers foresees a strong increase in demand for renewable energy in Malaysia, where current levels are still far off the government target.

‘We intend to enter the renewable power industry by targeting long-term based contracts, which will be able to provide the group with a stable revenue base,” he added.

-- BERNAMA

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