Plytec Holding Berhad (Malaysia)

The Company was incorporated on 01 June 2018.
The Company s principal activity is principally an investment holding company and through our subsidiaries, the company are involved in the provision of construction engineering solutions and services as well as trading and distribution of core and general building materials.
1999 - The company started our operations in the trading and distribution of building materials in March 1999 from a rented shop lot located at Pusat Bandar Puchong, Selangor. The Company began mainly with trading and distribution of engineering wire mesh products and gradually expanded our product range to also include timber and plywood products.
2001 - The Company leased a vacant land located in Bandar Bukit Puchong Industrial Park, Selangor which was used as a warehouse to store our building materials namely timber and plywood products. The location has a built-up area of approximately 5,000 sq. ft. and increased our holding capacity and inventory on building materials and enabled larger purchases to enjoy bulk discounts from our suppliers.
2002 - The Company incorporated S S Plywood Timber (M) Sdn. Bhd. It changed its name to Ply Tec Fencing System Industries Sdn. Bhd. on 22 February 2010 and ventured into the provision of perimeter fencing products and subsequently assumed its current name, PFCSI, on 1 August 2019. PFCSI ceased its operations in January 2019 and remains dormant until the LPD. Our Group plans to use PFCSI to venture into a business that is complementary to our principal activities in future. However, there is no immediate business plan drawn as at the LPD. The Company We acquired a piece of vacant land known as the Puchong Land 1, measuring approximately 42,283 sq. ft. to construct our headquarters which included office and warehouse with a total built-up of 22,500 sq. ft. This construction was completed by December 2005.
2006 - The Company operations in Pusat Bandar Puchong and Bandar Bukit Puchong Industrial Park, Selangor were subsequently moved to our headquarter in Puchong Land 1 in April 2006.
2007 - The Company acquired the adjacent piece of vacant land known as Puchong Land 2, measuring approximately 33,150 sq. ft. to store our expanding inventory of building material products.
2010 - The Company established a branch office in Johor Bahru, Johor.
2011 - The Company establish a branch office cum warehouse in Krubong, Melaka. The company Managing Director sought to expand into the construction engineering solution segment. He began to travel overseas and studied the different construction methods and technologies adopted by other overseas construction companies. Some of the trade fairs he attended include the BAU Trade Fair in Munich, Germany in 2011 and 2015, the BAUMA (International Trade Fair for Construction Machinery, Building Material Machines, Mining Machines, Construction Vehicles and Construction Equipment) in Munich, Germany in 2013, 2016, 2019 and 2022.
2012 - PFWSI was incorporated to expand our business into IBS-related solutions and introduced Green Formwork as a reusable formwork in the following year.
2014 - Green Formwork was registered as an IBS equipment with the CIDB by PFWSI which facilitates the calculation of IBS score in construction projects.
2016 - The Company expanded into the South East Asian market by marketing formwork systems to Thailand and Myanmar via appointed exclusive distributors, namely NJ Formtech Co., Ltd. And KP Formwork Co., Ltd. The company became a council member of the China Formwork Scaffold Association for a period of two years. We remained as ordinary member of the China Formwork Scaffold Association in subsequent year and ceased to become a member since 2019 and purchased a piece of vacant land measuring approximately 871,231 sq. ft. known as the Olak Lempit Land to expand our temporary works business.
2017 - PISM was incorporated under its former name, Ply Tec IBS System MFG Sdn. Bhd. to venture into the manufacturing, supply and export of construction temporary works equipment.
2018 - The company began construction of a workshop, warehouse and a temporary office building at the Olak Lempit Land which was completed in the same year. The workshop is used for refurbishing and prolonging the serviceable lifespan of temporary works equipment that are returned to us once a project is completed. The warehouse stores the refurbished temporary works equipment as well as new ones from our suppliers. The remaining vacant
area is demarcated for our Group's future expansion strategy into the manufacturing segment. As at the LPD, we have utilised 223,565 sq. ft. of the Olak Lempit Land. Our Directors namely, Yang Kian Lock, Ir. Louis Tay Chee Siong and Ir. Han Liang Kwang were appointed as working group members for Building Construction Technology Field by the Technological Association Malaysia, a Technological Expert Panel member appointed by the Malaysian Board of Technologists. They are appointed to perform peer review and professional membership assessment for the Malaysian Board of Technologists in the fields of building and construction. In the same year, IBA was accredited by the Malaysian Board of Technologists as an Approved Training Provider engaged in providing courses related to BIM and construction engineering activities. PFWSI was appointed as a national committee member by CIDB for the publishing and revisions of CIS relating to temporary works and productivity measurement, namely CIS 22, CIS 23 and CIS 30. PFWSI was also appointed to the working group by the Department of Standards Malaysia for the adoption of MS EN 1065 and MS BS 5975.
2019 - The company signed a memorandum of understanding with Tunku Abdul Rahman University College to assist in the development of BIM courses and provide technical knowledge and industry practices to students.
2020 - Our Group began to explore higher value activities such as digital solutions that enhance client's value in project and construction management. We acquired BEST and its subsidiary IBA, via PFWSI. The company scaled down our trading and distribution of building materials operations in Johor and Melaka. Subsequently, we ceased our warehousing operations, due to a further reassessment of our business operations in the Johor and Melaka's markets. This was prompted by factors such as low profit margins and higher operating costs. The gradual scaling down of our operations has resulted in decrease of RM27.46 million or 59.23 in revenue contribution from our Melaka and Johor warehouses, from RM46.36 million in FYE 2019 to RM18.90 million in FYE 2020. The Company We incorporated PCFM to venture into the provision of specialised engineering services concentrating on the implementation of IBS construction and related accessories.
2021 - The company ceased completely our operations at our Johor and Melaka branch offices (cum warehouse) for the trading and distribution of building materials. This is in line with our strategy to centralise our operations from our headquarters. Subsequent to the cessation of the premises, we deploy sales personnel to manage the business in these areas. PISM has been issued with a manufacturing licence to manufacture IBS components (wall, slab and column) at our Olak Lempit Land. Concurrent with the development of our facility at the Olak Lempit Land, we will in due course be submitting an application for the variation, extension and/or amendment of the scope of activities of our current manufacturing licence to include the manufacturing of temporary works equipment (“Proposed Extended Scope”) with the intention that approval for such Proposed Extended Scope will be in place prior to the commencement of our Group's production of temporary works equipment (estimated to begin at the end of 2024). The application process involves the submission to MITI of requisite information on the Proposed Extended Scope, including but not limited to details of the extended manufacturing activities and additional project costs, financing, manpower and equipment related to the Proposed Extended Scope. The approval process for the Proposed Extended Scope is estimated to require a period of between 2 to 12 months. We have not commenced any manufacturing activity and we will notify the relevant authority once we commence our manufacturing activities at our Olak Lempit Land. The company were recognised as an industry specialist in BIM by the University of Nottingham and signed a sponsorship of award agreement with the University of Nottingham, Malaysia where our Group sponsored the “PLYTEC Innovation Award” to winners of a group design project in an effort to encourage students' adoption of BIM.
COVID-19 was declared a pandemic by the Director General of the World Health Organisation on 11 March 2020. The Government then announced the imposition of an MCO that began on 18 March 2020 for a period of 2 weeks which was subsequently extended to 4 May 2020. Thereafter, a second MCO was imposed in selected states from 13 January 2021 to 5 March 2021. Due to the increased number of COVID-19 cases in the country, the Government imposed another MCO nationwide from 12 May 2021. Subsequently, a Full MCO (“FMCO”) was imposed effective from 1 June 2021.
During the various lockdown measures imposed in FYE 2020 and FYE 2021, the company supply chain was interrupted. The restriction on travelling has reduced the frequency of delivery of supplies, especially for back-to-back orders where products are delivered directly from our suppliers to our customers.
Further, the tightened control to enter construction sites also resulted in reduced frequency of delivery trips per day as the loading and unloading processes were prolonged. Despite the interruption in our supply chain, the company did not experience material adverse impact to our delivery and receipt of supplies from our suppliers.