T7 Global Bhd, a reputed engineering services firm, is apparently planning to provide funds worth nearly MYR 200 million for its metal treating project located at Serandah. As per some of the key officials of the firm, the unit based in UMW High Value Manufacturing Park of Rawang across Malaysia will complete its construction by end of 2018.
This particular investment is reportedly expected to fulfill the requirements of the Malaysian aerospace sector. One of the chief officials of T7 Global is of the view that this project is likely to make notable contributions to the company’s overall revenue by the end of first half of 2019.
For those unfamiliar with the matter, the unit is a joint venture between T7 Aero Sdn Bhd – the aerospace division of T7 Global Bhd, and KOV Limited, an arm of the Kilgour Metal Treatments Limited headquartered in the UK. The investment amount also covers the expenditure of training the newly recruited employees and land development activities. According to Nik Norzrul, the chairperson of T7 Global Bhd, the plant will offer employment opportunities to nearly 200 highly-skilled professionals. He has also been quoted stating that the firm hopes to have 80% of the Malaysian populace onboard as a part of the unit’s workforce.
Industry analysts have projected that the unit will help in generating revenue worth MYR 180 million annually after it begins operating at its overall production capacity. The plant is also expected to carry out its metal treating activities in full capacity within next three to five years.
Reportedly, this new investment, state experts, depicts the efforts of the group to increase its the revenue generation from avenues other than oil & gas.
Post the declaration of the joint venture and investments in the metal plant at Rawang, the shares of T7 Global Bhd closed at 3.91% at 61.5 sen with a market capitalization of 257.96 million Malaysian ringgit.
Dhananjay develops content for Market Size Forecasters. A post graduate in mathematics as well as business administration, he worked as a process executive in Infosys BPO Limited before switching his professional genre. Following his childhood passion, he opted for a career in writing and now pens d...