TECHNA-X Bhd (TXB), a company driven by renewable energy storage, has assumed the listing status of Sino Hua-An International Bhd on the main board of Bursa Malaysia effective today.
TXB’s ‘space-age’ sounding name is adopted as the outcome of a strategic business decision of the group as it embarked on a transformation journey since 2019.
The company’s business direction is to focus on renewable energy storage space and the super-capacitor manufacturing business to drive new business growth for the Group.
“Currently, we are the only company in the world with capabilities to manufacture ruthenium based ultra-capacitor and first in Malaysia in ultra-capacitor technology and renewable energy storage space,” TXB chairman Tunku Naquiyuddin ibni Tuanku Ja’afar pointed out. “(The industry) is projected to be a US$550 bil market by 2035.”
Currently, the group has an existing order book of US$300 mil over three years from two multinationals, Kone and Daikin Industries.
Barring unforeseen circumstances, TXB is expected to perform better on both top and bottom line and is targeting to turn around by the end of 2021.
“We are glad that our hard work for the last 18 months materialised and our shift to the technology sector has been smooth,” enthused Tunku Naquiyuddin.
“We are confident that our decision to pivot from a conventional coke manufacturer to the technology frontier will provide TXB with a more sustainable income stream and long-term growth prospects.”
With all the required puzzles for TXB having been put in place, the group is poised to leverage on new market environments as it gears up to be a key technology player in the Asia Pacific region.
Techna-X has recently announced its rationalisation plan with the proposed disposal of its coke manufacturing business for 88 million yuan (about RM55 mil). The disposal is expected to be completed in 1H 2021.
Today, TXB is a complete transformation solutions provider in renewable energy storage solutions, ultra-capacitor technology, Internet of Things (IoT) and smart city platform solution. – Dec 18, 2020
