< PreviousSPECIAL FEATURE MBJ: What are your top priorities for the company now that you have gone public? Yang Kian Lock: Naturally, our top priorities revolve around maximising shareholder value, ensuring sustainable growth, and maintaining a strong corporate reputation. The key areas of focus include strategic expansion into new markets as well as leveraging the capital raised through the IPO to drive innovation and diversification of our product and service offerings. In driving growth, we remain committed to transparent and effective communication with our shareholders, keeping them informed about our financial performance, strategic initiatives, and key milestones. How will you use the proceeds from the IPO to grow the company? What are your plans for expanding the company's product or service offerings? In the fast-paced world of the built-environment sector, achieving a milestone of being publicly listed is a testament to a company's resilience, strategic vision, and market prowess. Master Builders Journal recently sat down with Yang Kian Lock, the visionary at the helm of PLYTEC, to gain more insight on the company’s strategy after its successful listing on the ACE Market of Bursa Malaysia. We raised RM37.1 million from the IPO, which will be used as follow — Repayment of borrowings: 24.24%; capital expenditure: 21.55%; Construction of factories and centralised labour quarters on the Olak Lempit Land: 21.01%; working capital: 17.03%; estimated listing expenses: 10.78% Purchase of software systems and hardware: 5.39% To get into specifics, we are looking to invest further into our manufacturing facilities to expand our construction method engineering (CME) segment. We aim to increase the number of temporary work equipment as we look to bolster the sales and rental of falsework equipment, which is seeing higher demand. In addition, we recognise the increasing importance of our digital design and engineering (DDE) solutions segment, which is the pre-construction process of a development. Thus, we are prioritising the training and development of individuals with relevant qualifications and skill sets. This will enhance the knowledge of our workforce and enable them to meet the increasing demand for DDE services. In terms of investments in operational software, PLYTEC intends to invest in operational software to support the digital transformation of its back-end operations for future expansion strategies. How will you increase the company's market share? What are your plans for expanding into new markets? We are confident we will be able to increase our market share, as there is no single competitor in the market that provides all four business segments like we do. Our unique proposition is that PLYTEC can provide solutions throughout the construction lifecycle. We believe this will attract clients to engage our services as we provide a one-stop-shop solution for their construction engineering needs. In particular, we will continue to focus on growing our digital design engineering solutions (DDE), especially in building information modelling. We will continue to adopt digital smart technology into our Navigating New Horizons A Conversation with Yang Kian Lock, Group Managing Director & Chief Executive Officer of PLYTEC 28 MASTER BUILDERS JOURNAL #130Yang Kian Lock, Group Managing Director and Chief Executive Officer, PLYTEC SPECIAL FEATURE business to boost construction efficiency and accuracy. Recently, we were awarded a contract by Sarawak Economic Development Corporation (SEDC) to set up a digital ecosystem in Sarawak and expand our DDE segment into Hungary; this is evidence that our solutions are being recognised. The team is also working hard and participating in tenders as well as regional trade shows to market our products and solutions to potential clients. We will build strong local relationships, understand regulatory landscapes, and navigate cultural nuances to foster successful market entry. How will you balance the interests of your new shareholders with the interests of your employees? Employees are one of the most important assets at PLYTEC. We believe in aligning these interests through a commitment to ethical and responsible business practices. To achieve this balance, we will prioritise transparent communication, ensuring that both shareholders and employees are informed about our corporate strategy, financial performance, and major decisions. Implementing fair compensation structures, employee development programmes, and fostering a positive work environment will demonstrate our commitment to the well-being and growth of our workforce. Regular dialogues with both shareholders and employees will provide opportunities for feedback, ensuring that their perspectives are considered in decision-making processes. Ultimately, our goal is to create a harmonious synergy where the success and growth of the company benefit both shareholders and employees alike. What are your plans for communicating with your shareholders? Our approach to shareholder communication revolves around transparency, clarity, and engagement. We plan to implement regular and timely updates through various channels, including quarterly reports, annual meetings, and dedicated investor relations platforms. These communications will provide a comprehensive overview of our financial performance, strategic initiatives, and key milestones. Additionally, we will leverage digital communication tools, such as webcasts and social media, to enhance accessibility and foster a sense of community among shareholders. Through proactive outreach efforts, we aim to address queries promptly, ensuring that our shareholders are well-informed and confident in our strategic direction. What are your plans for corporate governance? We are committed to upholding strong corporate governance practices to ensure transparency, accountability, and ethical conduct. Our plans include establishing a robust governance framework that aligns with international standards and local regulations. This encompasses the formation of a diverse and skilled board of directors, with independent members providing objective oversight. We will implement regular board evaluations and adhere to best practices in risk management and internal controls. Transparent financial reporting and communication with stakeholders will be prioritised to foster trust and confidence. Furthermore, we plan to establish clear ethical guidelines and a code of conduct for all employees, promoting a culture of integrity throughout the organization. Periodic audits and reviews will be conducted to monitor compliance and identify areas for continuous improvement. By adhering to these principles, we aim to build a foundation of sound corporate governance that contributes to the long-term success and sustainability of PLYTEC. What is your vision for the company's future? Our vision is to cement our position as a leading construction engineering solutions and services provider in our industry, recognised for innovation, sustainable practices, and unwavering commitment to stakeholder value. We aspire to drive continuous growth through strategic expansion into new markets and diversification of our product and service offerings. Our emphasis on technological advancement and agility will position us at the forefront of industry trends. There is no single competitor in the market that provides all four business segments like we do. Our unique proposition is that PLYTEC can provide solutions throughout the construction lifecycle. “ ” 29 MASTER BUILDERS JOURNAL #130Industry & Practices IP The China (Guangdong Yunfu) RCEP Industrial Cooperation Conference 8 NOVEMBER 2023 MBAM Honorary Advisor, Datuk Matthew Tee and MBAM Council Member, Alec Chong. The Regional Comprehensive Economic Partnership (RCEP) comes at a crucial time to drive Malaysia’s growth and development. With the implementation of the RCEP, ASEAN countries are now forging stronger ties with their key trading partners. This development holds significant importance for Malaysia, as China has emerged The recent China (Guangdong Yunfu) RCEP Industrial Cooperation Conference was co-organised by the China-ASEAN Business Council (CABC), the RCEP Industry Cooperation Committee, and the Yunfu Municipal People’s Government of Guangdong Province, China. MBAM President, Oliver HC Wee delivered a speech at the conference on 8 November 2023, in Yunfu City, China. In attendance from MBAM were also as its largest trading partner since 2009. The RCEP is a free trade agreement that was recently signed by 15 countries in the Asia-Pacific region, including China, and several members of ASEAN, including Malaysia. This agreement seeks to foster economic integration, lower trade barriers, and strengthen economic cooperation among these nations. The conference holds great importance for the construction 30 MASTER BUILDERS JOURNAL #130Industry & Practices IP industry in Malaysia, as the RCEP agreement presents promising prospects for Malaysia’s construction industry, unveiling a range of fresh market opportunities, and as such, is highly relevant for MBAM. China’s prominent role in the RCEP presents a valuable opportunity for Malaysian construction companies. They stand to gain from expanded entry into the Chinese market, which is not only extensive but also undergoing rapid urbanisation and infrastructure growth. This access has the potential to open up new business opportunities for construction firms in Malaysia. Facilitating cross-border infrastructure development projects is one of the key objectives of the RCEP. With the ongoing efforts to strengthen regional connectivity and trade among RCEP member countries, the need for infrastructure projects such as roads, bridges, ports, and other construction- related activities is expected to rise. Malaysian construction companies have the opportunity to get involved in these projects and make a valuable contribution to the growth of infrastructure in the region. In addition, the RCEP seeks to decrease or remove different trade obstacles, such as tariffs and non-tariff barriers. Malaysian construction companies can benefit from cost savings when they import materials or equipment from other member countries of the RCEP. Lower costs can enhance the economic feasibility and competitiveness of projects. The construction industry heavily depends on a worldwide supply chain to acquire materials and equipment. Greater integration of supply chains among member countries in the RCEP can facilitate easier sourcing of materials and components for Malaysian construction firms within the region. These factors can result in higher levels of efficiency and reduced expenses. The impact of the RCEP on Malaysia’s construction industry is substantial and can potentially boost Malaysia’s economy significantly. With the growth of the economy, the demand for construction and infrastructure projects tends to rise. MBAM’s attendance at the conference demonstrates the association’s dedication to staying up-to-date on potential advantages for the construction industry. It also enables the association to connect with important stakeholders, gather valuable insights into upcoming opportunities, and actively contribute to discussions and partnerships that can positively impact the Malaysian construction sector. MBAM President leading the MBAM delegation at the conference This ceremony was organised by the Department of Polytechnic and Community College Education, Ministry of Higher Education, on 4 December 2023 at the Putrajaya International Convention Centre (PICC). The Government-Industry TVET Coordination Body (GITC) was also officially launched during this event. GITC is a newly established non-profit private sector organisation that is funded by the government. GITC acts as a coordinator and facilitator for input from representatives from all economic sectors to be channelled to ministries, agencies, and TVET providers. The establishment of GITC completes the coordination between government and industry in the national TVET ecosystem. MBAM played a significant role in representing the construction industry on the Board of Directors of GITC. Datuk Astaman Abdul Aziz, MBAM Secretary-General and Chairman of the Education & Special Institutions Committee, represented MBAM in this capacity. MBAM demonstrated its support for GITC with the MBAM President, Oliver HC Wee, signing a Memorandum of Understanding (MoU) with GITC. MBAM is one of the 56 associations and chambers of commerce that signed the MoU. The establishment of an MoU with various economic sectors was to foster future talent needs that will hopefully drive the industry-led TVET empowerment agenda forward. Launching Ceremony— Polytechnic Transformation Roadmap (2023-2030) 4 DECEMBER 2023 31 MASTER BUILDERS JOURNAL #130Industry & Practices IP Seribu Galur in Indonesia and The Meydan Project in Dubai, among others. The Construction Industry Development Board Malaysia (CIDB) Chief Executive, Dato’ Sr Mohd Zaid Zakaria, said in his keynote that the construction industry has a multiplier effect of 2.03 due to its connections to more than 120 different industries, of which 90% of the firms comprise small and medium enterprises. According to the World Economic Forum (WEF), the construction sector accounts for about 6% of the global gross domestic product, and it is also the largest global consumer of raw materials and constructed objects, accounting for about 25% to 40% of the world’s total carbon emissions. Apart from that, the construction sector is also found to be responsible for up to 50% of climate change, 40% of global energy usage, and 50% of landfill waste, not to mention air, water, and noise pollution, and the destruction of natural habitats. WEF’s report also points out that by harnessing the capacity of the construction sector, many countries could cut emission rates effectively and achieve energy savings of more than 30%. In Malaysia, the CIDB, as an agency under the Ministry of Works, has recognised the importance of sustainable construction. The National Construction Policy 2030, or the NCP, introduced by the Ministry of Works in 2021, outlines the principles of sustainable construction practices. The ICTC 2023 was held at MITEC on 14 and 15 November 2023. MBAM representatives present for the conference included MBAM Deputy President, Kenneth Liew; Vice President, Richard Wong; Secretary-General, Datuk Astaman Abdul Aziz; Deputy Secretary-General 1, Tan Zi Ni; Council Members Michael Yap, Ang Keng Hong, Lee Chee Wai, Ong Ka Thiam, and Ho Chee Leong; and General Managers Lenny Lim and Lee Siew Mei. CIDB featured engaging dialogues at the ICTC 2023 and BuildXpo’s open forums centred around the theme “Leading ESG in Construction.” The discussions complemented BuildXpo 2023, hosted by CIDB Malaysia and organised by Qube Integrated Malaysia Sdn. Bhd. in conjunction with ICW 2023 (International Construction Week). The International Construction Transformation Conference 2023 was held in conjunction with the International Construction Week (ICW) 2023, and it featured a host of local and international industry captains sharing building and construction best practices and innovations aligned to the ESG framework. These include topics on ESG: the Public Listed Companies (PLC) Transformation Programme by Bursa Malaysia, Sustainable Finance Initiatives by leading banking institutions, and case studies on sustainable infrastructures from around the world, such as Kota International Construction Transformation Conference (ICTC) 2023 14—15 NOVEMBER 2023 The attendees of the ICTC 2023 with CIDB CE, Dato’ Sr Mohd Zaid Zakaria (centre) and MBAM Deputy President, Kenneth Liew (2nd from right) 32The MBAM delegation at the launch Industry & Practices IP Launch of International Construction Week (ICW) 2023 16 NOVEMBER 2023 CIDB Malaysia Chairman Yusuf Abd Wahab said CIDB’s collaboration with the Malaysian External Trade Development Corporation (MATRADE) engaged buyers from countries such as Cambodia, Vietnam, the Philippines, Thailand, Hong Kong, Kazakhstan, and Germany. The official launch of ICW2023 was attended by MBAM Honorary Advisor, Datuk Matthew Tee; President, Oliver HC Wee; Secretary-General, Datuk Astaman Abdul Aziz; Vice Presidents: Ong Teng Cheng, Dato’ Ubull Din Om, Wong Kwan Song, and Eric Yong; Council Members: Lee Chee Wai, Alec Chong; Alternate Council Members: Wong Khin Yip, Dheepan Sukumar; Committee Member, Tan Kim Yoke; Executive Director, Loh Mei Ling; General Manager, Lenny Lim; and Public Relations Executive, Farah Alia. ICW 2023, with the theme “Leading ESG in Construction,” ran from 14 - 17 November 2023. The week- long construction event was jointly organised by CIDB Malaysia and QUBE Integrated Malaysia Sdn Bhd. Besides BuildXpo, ICW 2023 also featured conferences and seminars pertaining to the construction industry’s latest practices. Also present at the event was Malaysia’s Minister of Works, Dato Sri Alexander Nanta Linggi, who also launched the CIDB Form of Contract for Building Works 2022 edition, which has been upgraded from the 2000 edition. The Construction Industry Development Board (CIDB) Malaysia announced that ICW 2023 has garnered RM3.09 million in sales from the event’s International Sourcing Programme, which is under ICW 2023’s BuildXpo exhibition. At the opening ceremony of the ICW 2023, 33 MASTER BUILDERS JOURNAL #130Panellist discussion session at the internation forum in progress Industry & Practices IP 46 th IFAWPCA Convention— Partnering in Sustainable Infrastructure 21—25 NOVEMBER 2023 MBAM President Oliver HC Wee led a 22-member MBAM delegation to attend the 46 th International Federation of Asian and Western Pacific Contractors’ Associations (IFAWPCA) Convention on 21-25 November 2023 hosted by the Federation Contractors Association of Nepal (FCAN) at the Hyatt Regency Hotel, Kathmandu, Nepal. The 46 th IFAWPCA Convention, held under the theme “Partnering in Sustainable Infrastructure,” was attended by approximately 313 delegates from 16 countries in the Asian and Western Pacific regions. The event was graced by the President of Nepal, the Honourable Ram Chandra Paudel. Addressing the opening of the 46 th Convention, President Ram Chandra stressed that construction entrepreneurs have an important role in economic vibrancy and that physical infrastructure plays a crucial role in the economic development of any country. He further asserted that construction companies working in the physical infrastructure development sector should adopt special awareness to combat growing natural disasters due to climate change. There is also a need for the physical infrastructure sector to further expand technology- friendly practices in the context of the world already becoming technology- friendly. MBAM Vice President Richard Wong served as the Chief Delegate representing MBAM and carried the MBAM flag at the opening ceremony. He also presented the Malaysian country report during the first general assembly. Other members, namely IFAWPCA Past President, Datuk Matthew Tee; IFAWPCA Legal Advisor, John Tong; Deputy President, Kenneth Liew; Vice President, Dato’ Sri Eric Kuan; Secretary-General, Datuk Astaman Abdul Aziz; Council Members, Alec Chong and Dato’ Sri Sukumar Subrayalu; Past Deputy President, Aziz Bahaman; as well as President, Oliver HC Wee, played significant roles during the convention. President Oliver, with the assistance of Datuk Matthew Tee, chaired the Finance Committee. The Committee resolved some pending issues concerning the incorporation of IFAWPCA Inc. and approved the financial statement for 2022 as well as the budget for 2024. President Oliver also chaired the Contracts of 34 MASTER BUILDERS JOURNAL #130Industry & Practices IP Conditions Committee. The Committee agreed to compile practices on price fluctuation in construction materials and dispute resolution option practices by relevant members’ countries and share them with all members for awareness purposes. The table (page 36) shows a summary of MBAM representation and contribution to the various IFAWPCA Standing Committees. Traditionally, the convention is well attended by prominent players in the construction industry, where members were able to meet local contractors and businessmen as well as other IFAWPCA players in the building and construction industry to share, discuss, and update on construction- related matters. President Oliver HC Wee represented MBAM and attended the IFAWPCA Presidents’ Conclave to deliberate on how to improve the organisation of future conventions as well as to share ideas to improve or upgrade the construction industry, in particular education and awareness on fair contracts among contractors. Meanwhile, the Emerging Young Leaders programme was continued in order to empower youth in the construction industry globally. The programme launched under the leadership of Past President Mohamed Ali Janah in 2022 announced the introduction of the Outstanding Emerging Young Leader Award. This new accolade, with a prize of USD3,000, is set to be presented by the Janah Global Foundation. The highlight of the event was the International Forum on “Partnering in Sustainable Infrastructure,” which was held on 23 November 2023, with the aim to catalyse meaningful partnerships, foster innovations, and inspire actionable solutions that contribute to a more resilient and sustainable future. The forum was graced by the Rt. Honourable Prime Minister Pushpa Kamal Dahal ‘Prachanda’. The first session of the forum was a keynote address by Tan Seng Chuan, Chairman and Managing Director, Tembusu Asia Consulting Pvt. Ltd., who shared valuable perspectives on the challenges and opportunities in sustainable infrastructure partnerships. Meanwhile, the second session IFAWPCA Board Members President Oliver chairing the Finance CommitteeEducation & Human Resources Committee meeting in progressMembership Committee in progress 35 MASTER BUILDERS JOURNAL #130Industry & Practices IP consisted of a panel discussion session by a group of invited specialists representing diverse perspectives, including Private Sector Representatives, Regional Partnership/Development Partners, Expert on Financing of Climate Change Funds, Government Policy Representatives, an expert on Resource Mobilisation (Human Resource, Green Technology, Financing) and financing), and stakeholders from various sectors. President Oliver HC Wee was invited as one of the panellists. The session was enlightening as panellists explored collaborative approaches to address the challenges of sustainable infrastructure development. Overall, the forum also served as a platform for knowledge exchange, collaboration, and the formulation of actionable strategies to advance sustainable infrastructure in the Asia-Pacific region and globally. In summary, by leveraging our collective expertise and determination, it is hoped that the industry can foster a paradigm shift in infrastructure financing and construction practices, leading us towards a greener, more equitable, and prosperous future for all. The Second General Assembly and Closing Ceremony on 24 November 2023 witnessed the presentation of awards to deserving parties and Finance Oliver HC Wee (Chairman) Datuk Matthew Tee Membership Aziz Bahaman Loh Mei Ling Condition of Contract Oliver HC Wee (Chairman) Dato’ Sri Eric Kuan Builders’ Awards Richard Wong Kenneth Liew Education & Human Resources Datuk Astaman Abdul Aziz Dato’ Sri Sukumar Subrayalu Construction Business & Development Datuk Matthew Tee (Vice Chairman) Alec Chong IFAWPCA Standing Committee Representatives The MBAM delegation unwinding at Chandragiri Hill after the Convention individuals. The YTL-IFAWPCA Excellence Award, which was established by Past President, the late Tan Sri’ Dato’ Seri Dr Yeoh Tiong Lay, seeks to honour the outstanding contribution made by an individual in the Asia and Western Pacific construction industry. It was presented to Ganesh Lal Shrestha, a Past President of both IFAWPCA and FCAN, as well as the Chairman of Arniko Nirman Company Pvt. Ltd. The award was presented by President Oliver on behalf of the YTL family to Ganesh, who has demonstrated exceptional leadership and unwavering dedication to the construction industry at both regional and national levels. His contributions have not only shaped the industry but have also set an inspiring example for others to follow. Many congratulations to Ganesh and the other awardees. The next 47 th IFAWPCA Convention is set to be hosted by the Singapore Contractors Association Ltd. (SCAL) from 7-11 April 2025, in Singapore under the presidency of Kenneth Loo and Ng Yek Meng as the IFAWPCA Secretary-General. While SCAL is making the necessary arrangements for the 2025 Convention, the 43 rd IFAWPCA Mid-Term Executive Board Meeting will be hosted by the Taiwan General Contractors Association (TGCA) from 15 – 18 October 2024, in Taipei, Taiwan. 36YOUR RENTAL PARTNER FOR ANY CONSTRUCTION PROJECT NEW - USED - RENTAL - SERVICE +603 6140 2815 | info.my@manitou-group.com No.10 Jalan Gitar 33/3, Elite Industrial Park Seksyen 33 40460 Shah Alam, Selangor Darul Ehsan, Malaysia www.manitoucenter.com.my Range: 2.5T, 3T, 5T Diesel or Battery Powered Short term or Long term rentalNext >