Maistorage Technology targets Bursa Malaysia listing by 2028
PUTRAJAYA: Newly launched MaiStorage Technology Sdn Bhd is eyeing a listing on Bursa Malaysia by 2028.
Founder and group chief executive officer Datuk Pua Khein Seng said MaiStorage has already commenced its initial public offering (IPO) plan, which aims to retain engineering talent and align staff interests with the company's long-term growth.
"We plan to let the engineers, staff be the shareholders of the company with the initial value of the company. When the company goes for an IPO and starts making money, we can give dividends. The staff can enjoy the benefits of the company going public and improve their lives,' he said in his welcoming speech at the official launch today of MaiStorage Technology.
The event was graced by Prime Minister Datuk Seri Anwar Ibrahim and was attended by Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz, Transport Minister Anthony Loke Siew Fook and Human Resources Minister Steven Sim.
MaiStorage is an integrated circuit (IC) design and storage technology provider that caters to the data center, artificial intelligence (AI) applications and the automotive industries in Malaysia.
Backed by parent company Phison group's over two decades of experience and know-how, MaiStorage offers the PASCARI enterprise solid-state drive (SSD) solutions and aiDAPTIV+ AI Large Language Model (LLM) training and AI-driven innovations for customers.
Pua said since starting operations in August last year, MaiStorage has hired and trained 50 young graduates to be IC design engineers and is on track with its commitment to train 175 young Malaysian engineers by 2026. He said that through deep collaboration across the industry and the Malaysian government, MaiStorage can aid and accelerate the country's transition from a tech user to a tech creator.
Over this same period, MaiStorage has a healthy stable of clients that include the federal and state government, educational institutions, software development firms, as well as national research and development agencies.
By offering both enterprise storage solutions and design services, the company has achieved a break-even point, a remarkable performance in less than one year of operations.
"Overall, our investment was RM100 million, and the net asset value now exceeds that. So far, we have already generated around RM4 million in profit,' Pua told reporters in a press conference.
He said that while MaiStorage is on the right path in terms of scaling its operations and profitability, and developing local talent, the company is already looking ahead to ensure that it can achieve its goals of putting Malaysia on the global semiconductor and tech stage.
Over the next three years, MaiStorage said it is focused on NAND Flash Controller IC research and development (R&D) in Malaysia, AI applications and Edge AI solutions for regional markets and collaboration with the Ministry of Education - AI Classrooms for Schools. - Bernama
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