VentureTECH invests RM2.5 mln in GPT to help meet soaring oxygen gas cylinders demand
16 Dec 2021
VentureTECH has invested RM2.5 million in Gas Pantai Timur Sdn Bhd (GPT) to help GPT meet surging demand for oxygen gas cylinders from all government hospitals and clinics, as the country continues to battle the COVID-19 pandemic.
GPT is a major supplier of medical and industrial gases, which include oxygen, acetylene and nitrogen, all processed in gas plants in the Pengkalan Chepa Industrial Area, Kelantan and Gopeng Industrial Area, Perak.
In a joint statement today, VentureTECH and GPT said the investment would see GPT expanding its cylinder refilling station in Puchong for medical gases to serve hospitals in the central region, making it more accessible for them.
VentureTECH managing director Dr Norida Abd Rahman said the company’s vision was to support local companies operating in the critical healthcare-related sector to overcome the pandemic to meet the urgent requirements of the national healthcare system in the interest of the people.
“This investment is in line with VentureTECH’s impact investment philosophy which aims at generating positive societal impacts.
“VentureTECH’s investment in GPT has a pivotal role to play as it will ultimately help Malaysia restore its economic activities in line with Budget 2022 and 12th Malaysia Plan, while supporting the integration of internet of thing (IoT) and tracking technology in the production and distribution supply systems for improved efficiency,” she said.
Meanwhile, GPT said the demand for oxygen cylinders swelled more than eight times during the third COVID-19 wave, exerting tremendous pressure on the country’s healthcare system, resulting in increased ICU bed occupancies and the need of respiratory support.
GPT chief executive officer Nik Ahmed Nerang Nik Rithauddeen said the company is preparing for any eventuality to ensure that hospitals will not be caught off guard by a shortage of cylinders again, even though cases seem to be under control.
“The investment from VentureTECH has enabled us to ensure that we will be able to accommodate the demands,” he said.
The statement said moving forward, GPT said it aims to increase its product mix by developing the company’s own production line for other gases, increase its logistical capabilities and establishing a new gas production plant in the Southern region.