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Aimflex seeks to diversify into oil and gas, automotive and medical segments

Aimflex seeks to diversify into oil and gas, automotive and medical segments

11 Mar 2021

Aimflex Bhd plans to diversify into the oil and gas, automotive and medical segments in a move to broaden its manufacturing automation business.

Deputy managing director Emma Yazmeen Yip said the group remained optimistic about the diversification in order to have a more balanced customer portfolio.

“Having the research and development segment established last year, we are hopeful of achieving the diversification in a few years,” she told Bernama after Aimflex’s corporate rebranding launch today.

The group, formerly known as i-Stone Group Bhd, was listed under Aimflex Bhd on Bursa Malaysia, effective February 25, 2021.

Besides that, Emma said the group also leveraged the digital business specialising in automation, data management, system development, and application solution to build a smart and sustainable workflow.

“We are working on these segments to help and enable companies have a safe and cost-efficient operation.

“This is in line with the uptrend momentum of digital transformation, especially since Covid-19 broke out,” she said.

Managing director Rebecca Tee Sook Sing said Aimflex aimed to set up an office in the Philippines once the pandemic was brought under control as it has four engineers focusing on customers in that country.

As at December 31, 2020, she said the group had utilised RM23 million out of the total proceeds of RM39 million from its initial public offering, while the remaining proceeds would be used accordingly in the next two to four years to leverage the business.

Meanwhile, at the event, executive chairman Datuk Awang Daud Awang Putera announced that the company would adopt a dividend payout ratio of at least 30 per cent of profit after tax attributable to the owners of Aimflex for each financial year, excluding any unrealised income from adjustments due to accounting policies.

Source: Bernama