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.