Siab Holdings Berhad (Malaysia)

The Company was incorporated in Malaysia on 30 December 2020 under the Act as a private limited company and was subsequently converted to a public limited company on 24 June 2021. The Company was incorporated to facilitate the Listing. The history of the Company can be traced back to the incorporation of Siab (M) in Malaysia as a private limited company on 1 October 1984 under the Companies' Act 1965 and the name Shendon Corporation Sdn Bhd. It subsequently changed to its current name on 19 February 1985. It was established by Svenska Industribyggen Aktie Bolag, a Swedish company that is principally involved in building construction services in Sweden to undertake general construction and civil engineering projects in Malaysia. By 2004, the shareholdings of Siab (M) were fully localised following the exit of its Swedish shareholders. Subsequently, between 2008 to 2009, the ownership of Siab (M) changed to a group of individuals which included Managing Director, Ng Wai Hoe, Dato' Wee Beng Aun and Wee Eng Kong. Wee Eng Kong was also a major shareholder of Pembinaan Tuju Setia Sdn Bhd. In 2012, Tuju Setia Holdings Sdn Bhd acquired the entire equity interest of both Siab (M) and Pembinaan Tuju Setia Sdn Bhd under a shareholders' restructuring exercise. As part of the exercise, Siab Engineering (which was incorporated in 2011) was acquired by Siab (M) and became its wholly-owned subsidiary. During the year 2014 Siab Network was incorporated for the provision of ICT solutions and services. In 2018, Siab Construction was established to streamline the overall operations, with Siab (M) repositioned to focus on project management responsibilities, which include management and coordination of buildings design work, appointment of consultants and contractors, management of appointed contractors and/or construction managers, while Siab Construction undertakes construction works for projects that our Group secures. Between 2013 and 2020, Dato' Wee Beng Aun served as an adviser to Siab (M) and advised the directors of Siab (M) on matters relating to the business strategy of Siab (M) and its subsidiaries. He was not involved in the decision making or the day-to-day operations of Siab (M) and its subsidiaries. In 2020, Dato' Wee Beng Aun disposed his entire stake in Siab (M). At that time, Dato' Wee Beng Aun was the promoter of Tuju Setia Holdings Sdn Bhd (the holding company of Pembinaan Tuju Setia Sdn Bhd) which undertook a listing exercise on the Main Market of Bursa Securities.