KUALA LUMPUR: Crest Group Bhd, a debutant on the ACE Market, is urging the government to prioritise talent development and attract foreign investments to bolster the growth of the semiconductor sector in the upcoming Budget 2025.
Its executive director Ethan Au said this call to action is prompted by the semiconductor industry's projected valuation of one trillion dollars by 2030, driven by rising global demand for chips across various sectors.
"One suggestion is to allow temporary employment passes to bring in skilled talent from abroad, especially in the face of local shortages.
"We hope the government will invest more in academia and technical vocational education and training (TVET) to produce more science graduates, as this is essential for building the talent pipeline that will support Malaysia's long-term growth in the semiconductor industry," he told a press conference following the company's listing ceremony today.
Crest made its debut on Bursa Malaysia's ACE Market today at 39.5 sen, a premium of 4.5 sen over its initial public offering (IPO) price of 35 sen. At the opening bell, 11.3 million shares were traded.
The company successfully raised RM45.75 million through the public issue of 130.7 million new ordinary shares based on a price of 35 sen each.
Of the total proceeds, Crest has allocated 34.5 per cent, or RM15.76 million, for establishing a new centralised headquarters; 31.7 per cent, or RM14.52 million, for business expansion; and 12.8 per cent, or RM5.87 million, for acquiring additional demonstration equipment.
Additionally, the company has set aside 7.9 per cent, or RM3.6 million, for expanding its technical support and maintenance team, while the remaining 13.1 per cent, or RM6.00 million, is designated for listing expenses.
Its group managing director Lim Siong Wai expressed optimism about the company's future, stating that the opening price premium reflects confidence amid recent turbulence in global share markets.
"This also indicates our strong performance at the opening, despite the challenges faced in the broader market," he added.
At 5 pm, Crest Group closed unchanged at 35 sen with 114.8 million shares traded.