Siab Holdings Berhad (Siab) has appointed Wong Yih Ming, founder and Managing Director of Taghill Projects Sdn. Bhd. (Taghill), Vincent Chu Yee Hong, the Deputy Managing Director of Taghill as the new Executive Directors of the Company effective July 2 and July 15 respectively.
Today the team of Wong, Vincent and Yap Kek Siung bring their wealth of experience and strong track records in the construction industry to the established player in Malaysia's construction industry.
They oversee and manage Taghill and Bimtech Solutions Sdn. Bhd. (Bimtech), a 60% owned subsidiary of Taghill. Among the notable construction projects under Taghill's portfolio are the Skyline Kuala Lumpur, The Cove in Melaka, D'Velada at Bukit Jalil, among many others.
Bimtech is a specialist in Building Information Modeling (BIM) technology for the construction industry, a digital representation of the physical and functional characteristics of a facility, which serves as a shared knowledge resource for information about a facility, forming a reliable basis for decisions during its lifecycle from inception onward. Bimtech has been involved in notable projects such as Avenue K Kyliez, Noordin Suite in Penang and Kingwoodz @ Bukit Jalil by EXSIM, Cove Melaka by KEB Group, and 88 Avenue @ Kota Kinabalu by Mega City Development, demonstrating its capability in delivering high-quality, technologically advanced construction solutions.
Siab Group Managing Director Ng Wai Hoe said, "The Executive Directors' vast experience and visionary leadership in the construction industry will be invaluable to Siab as we embark on the next phase of our growth journey. Their proven track record in successfully managing large-scale projects and his strategic insights will significantly strengthen our leadership team.
"With the inclusion of Taghill and Bimtech, we are committed to delivering excellence, expanding our market reach, and exploring new opportunities for long-term growth. With their expertise and our combined efforts, I am confident that Siab will achieve remarkable milestones and continue to create substantial value for our stakeholders. We are poised to capitalize on the increasing demand in the construction sector and contribute meaningfully to the development of Malaysia's infrastructure."
Wong, Executive Director of Siab expressed his enthusiasm about his new role, "The integration of Taghill's expertise with Siab's robust platform creates a unique opportunity to drive significant growth. I am excited to work closely with Ng and the entire Siab team to leverage our combined strengths to enhance our project delivery and expand our market presence in the long run."
While, Vincent, Executive Director of Siab and Mr. Yap, Executive Director of Taghill, both stated, "By working alongside the Board of Directors of the Company, we are poised to grow together and achieve new heights. With Bimtech's expertise in BIM technology, we can offer innovative and efficient solutions to our clients, ensuring project success and client satisfaction. Our involvement in prestigious projects showcases our capability and commitment to excellence as a group. We look forward to contributing to Siab's growth and success in the construction industry."
The recent Malaysian Budget 2024 has further strengthened Siab's growth prospects, with a significant allocation of RM90 billion for development expenditure aimed at driving economic growth across various sectors.
The property market in Malaysia has shown remarkable activity in the first quarter of 2024, recording a 34.3% growth compared to the same period last year. Over 104,297 transactions worth RM56.53 billion were completed, reflecting a substantial 34.3% increase in transaction value.
Siab's wholly-owned subsidiary, Taghill, continues to secure substantial projects, further solidifying the Company's market position. Recently, Taghill won a new contract from Exsim Noordin Sdn. Bhd. valued at RM176.2 million as announced on Bursa Malaysia on 3 July 2024. This addition boosts Siab's total order book to RM2.06 billion, reflecting the subsidiary's strong performance and the positive outlook for Siab's future.
Looking ahead, Siab and its subsidiary, Bimtech remains optimistic about the prospects for the construction industry in Malaysia. The Company will continue to uphold strict adherence to good corporate governance and be fully committed to ensuring business as usual by actively pursuing new projects.
The government's focus on development expenditure and the vibrant property market provides a solid foundation for continued growth. With a combined order book that includes significant projects and a strategic leadership team, Siab is well-positioned to achieve its growth objectives and drive long-term value creation.
