KUALA LUMPUR: Sino Hua-An International Bhd (SHA) has obtained shareholders' approval for its name change to Techna-X Bhd (TXB) to better reflect the company's new focus into the technology frontier.
The company will be undergoing a name change process to be completed in early December.
The corporate name change is aligned with SHA's overall transformation plan in technology activities driven by the energy storage sector which is projected to be a US$550 billion market by 2035.
The group had completed a series of acquisitions since 2019 and invested RM160 million to acquire six companies that will form the foundation of the Energy Storage IoT model, namely, Aerospace Beidou Group , Touchpoint International, WaveTree, MD Labs, Human Capient and Craveat.
The Group had also recently announced its rationalisation plan with the proposed disposal of its coke manufacturing business for renminbi 88 million, which is equivalent to approximately RM55 million.
The disposal is expected to be completed in the first half (1H) of 2021.
"Once the disposal of the coke business is completed, energy storage space, the super-capacitor manufacturing business for example will be the key business driver for TXB moving forward with an existing order book of US$300 million over 3 years," said SHA executive chairman Tunku Naquiyuddin Tuanku Ja'afar in a statement today.
SHA board are confident that under new management and the right business strategy, and TXB is positioned to leverage on the new market environment and is set to be the key technology player in the Asia Pacific region.
"The group is positive that barring unforeseen circumstances, it is expected to perform better and is targeting to turn around by end of 2021 as the group is currently in talks with other potential customers to increase its order book and it will make the necessary announcements at the appropriate time," said Tunku Naquiyuddin.
With the completion of the group's transformation plan, TXB is set to be the next generation digital transformation enabler focusing on the renewable energy storage space, smart cities and catalyse businesses for the Fourth Industrial Revolution (IR4.0).
TXB is a provider of complete transformative solutions for proprietary energy storage solutions and driven by data analytics and artificial intelligence (AI) where it also provides seamless business activities through AI and automation.
The firm also deploys the power of big data combined with client's own data which is delivered through digital platforms which will increase clients market performance.
In the process, it will not just solve energy storage issues but also convert the client's business into 'smart process' as well as enriching client's capabilities through digitalisation and smart business.