Advance SCT eyes diversification into M&E engineering for smart cities

Advance SCT eyes diversification into M&E engineering for smart cities

By: 
PC Lee
07/11/18, 09:17 pm

SINGAPORE (Nov 7): Advance SCT is jumping on the smart-city bandwagon in Singapore and Southeast Asia and eyeing a change of name to Citicode Ltd to reflect the new business direction.

The proposed business diversification and proposed name change are subject to the approval of shareholders to be obtained at an EGM at a later date.

In a Wednesday press release, the supplier of copper-related products says it plans to diversify into the business of engineering for Mission-Critical Facilities and Infrastructure (MCFI) and Mission-Critical System (MCS).

Advance SCT says it will be evaluating potential acquisition targets, exploring joint venture opportunities and discussing on strategic collaboration structure.

Teh Wing Kwan, Executive Chairman and CEO of Advance SCT, says the M&E (mechanical and electrical) infrastructure engineering sectors have to be highly adaptive to the new business environment following the launch of the Smart Nation initiative and the establishment of GovTech by the Singapore Government.

“It is important for M&E specialists to be equipped with IoT and AI capabilities to expand into tech-driven engineering for productivity improvement, predictive maintenance, communication efficiencies and systems accuracy,” says Teh of which Advance SCT hope to provide.

As such, he sees increasingly higher spending in upgrade and maintenance of systems, facilities and applications under the smart city initiatives and the country’s digital transformation efforts.

Teh was appointed as executive chairman and CEO in July after he acquired a 28.7% stake in the company. He was tasked with the role of initiating corporate strategic reviews, setting new business directions, leading in implementation of growth initiatives and executing new investment strategies.

In August, Advance SCT entered into a non-binding letter of collaboration with the Tokyo-listed Dai-Dan Co. and N&T Engineering Enterprises to jointly explore and evaluate business opportunities related to M&E engineering works.

Shares in Advance SCT closed at 0.1 cent on Monday.

Right timing: STI stays intact, but Hong Fok is at extreme overbought high

SINGAPORE (Mar 23): Although quarterly momentum appears ambivalent as it is consolidating beneath its own moving average, prices are intact. They have established support at the confluence of the 50- and 200-day moving averages which are moving into an increasingly positive stance at 3,217 and 3,186 respectively. The index may well be able to regain its 50-day moving average as short term stochastics is turning up from the bottom of its range. Since medium term indicators are neutral and drifting sideways, short term indicators could keep the STI afloat. However the range is likely to be ....
Read More >>

EY Singapore launches 18th edition of Entrepreneur Of The Year awards

SINGAPORE (Mar 22): The search has started for the 18th EY Entrepreneur Of The Year, as part of the bid to promote entrepreneurship and shape a new role model for the business community. Ernst & Young LLP, organiser of the annual awards, observes that entrepreneurs in Singapore, and the world, have built some of the world’s most enduring companies. The businesses they build don’t just create employment and contribute to the GDP. “Their creativity, tenacity and courage serve as an inspiration for many. In many ways, the way they overcome the odds, the power of their influence, a....
Read More >>

Challenger Tech's 2.94% shareholder says offer price too low, calls for higher dividend payouts

SINGAPORE (Mar 22): Pangolin Investment Management, which holds a 2.94% stake in Challenger Technologies through its Pangolin Asia Fund, is calling on other shareholders to reject Digileap Capital’s delisting offer at the company’s upcoming EGM.   Pangolin says the offer price of 56 cents per share, which translates to a price-to-earnings ratio of 9.9 times, is too low and thus unfair to minority shareholders. In a letter sent to The Edge Singapore on Friday, Pangolin explains its reasons for strongly advising other Challenger shareholders to reject the offer, which it deems “....
Read More >>