04/03/2026

BIZ & FINANCE WEDNESDAY | MAR 4, 2026

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Management Sdn Bhd (QCM) for the development of up to four Centralised Labour Quarter (CLQ) facilities in the Klang Valley for RM600 million and a total capacity of 28,800 beds. The HoA marks Catenary Capital’s first investment since its formation and its entry into Malaysia’s CLQ sector. The projects will be executed via Catenary Capital’s wholly owned investment vehicle, Asetra Sdn Bhd. The first project, Q Centre @ Teratai in Meru, Klang, will comprise 9,000 beds with an indicative development value of approximately RM171 million. The remaining three proposed CLQs, valued at RM429 million, are expected to provide a further 19,800 beds, subject to the finalisation of sites and definitive agreements. The HoA establishes the frame work for collaboration among the parties, with definitive agreements to be finalised in stages subject to customary approvals and commercial arrangements. Catenary Capital founding partner PETALING JAYA: Systech Bhd is undergoing a strategic repositioning following a change in control, with its new leadership prioritising gover nance reforms, operational dis cipline and a pivot towards technology-driven recurring income streams. “This is a new takeover, and we are strategically repositioning the company,” said executive chairman Datuk Ong Theng Soon in an exclusive interview with SunBiz . He said the ACE Market-listed, IT-related company’s immediate focus is to strengthen its funda mentals while restoring confidence among shareholders, partners and the broader market. “To rebuild market confidence is also a priority. We are positioning Systech for sustainable growth in the coming months.” Ong, a lawyer by training with prior involvement in construction and development ventures, stressed that governance sits at the core of the company’s reset. “Strengthening governance goes without saying. I believe that having strong governance is very im portant,” he said, adding that board effectiveness and management execution must be closely aligned with long-term strategy. He noted that Systech’s board comprises members from diverse areas of expertise, which he believes will contribute meaning fully as the group enters its next phase. The long-term objective, he said, is to build a stable leadership foundation anchored on prudent risk management and consistent value creation for shareholders. Strategically, Systech is pivoting towards three key areas – property technology (proptech), digital infra structure and e-commerce, as part of its evolution into a more modern, innovation-led technology group. “These technology-driven solu tions will help us generate recurring Ű BY DEEPALAKSHMI MANICKAM sunbiz@thesundaily.com

Governance reset, digital pivot anchor Systech’s transformation

significant processing power access to high-performance GPU com puting capabilities without in vesting heavily in building such infrastructure in-house. The move reflects management’s intention to tap into rising demand for AI-driven applications and digital transformation initiatives across industries. Beyond expansion plans, Ong emphasised that rebuilding trust remains central to the turnaround strategy. He reiterated that governance and transparency are non-nego tiable priorities, particularly in strengthening investor and share holder confidence. “With good governance, there is greater investor and shareholder confidence, and therefore, we will see better profitability in the future. But it all starts with good gover nance and transparency,” he said. Under the new leadership team and with what he described as a supportive board, Ong believes Systech is better positioned to deliver clearer strategic direction and disciplined execution. He said the group’s immediate priorities include strengthening core operations, supporting strategic and value-driven acquisitions, investing in technology capabilities and maintaining financial prudence throughout the transformation process. “We are well-positioned to move forward in a steady and responsible manner.” While the company remains

Hizzan Hamid said the transaction represents the firm’s first investment since its formation and reflects its strategy of deploying institutional capital into structurally undersupplied segments of the real estate market. “The Workers’ Minimum Standards of Housing and Amenities Act 1990 (Act 446) has created a clearer compliance framework, and em ployers are under greater scrutiny to ensure that accommodation standards are met. At the same time, Selangor’s industrial base continues to expand. “There remains a visible supply gap for professionally managed, compliant facilities in key growth corridors such as Klang,” he said. Act 446, which mandates mini mum accommodation standards for foreign workers, has been more actively enforced in recent years, increasing compliance expectations for employers and supply chain participants. While centralised labour quarters and purpose-built worker acco mmodation facilities have expanded in response, industry observers note that the supply of Act 446-compliant accommodation continues to lag demand in established industrial zones. Hizzan added that worker acco income and scalable income in the coming years,” Ong said. He acknowledged that in today’s fast-moving digital landscape, maintaining the status quo is not an option. “To maintain the status quo is actually moving backwards. We have to keep ahead of time in order to stay relevant,” he added. Within proptech, Systech is exploring opportunities linked to the consumer-oriented digital eco nomy, particularly in the property market and property management segment. The group sees potential in leveraging digital platforms to support property-related services and engagement. On the digital infrastructure front, Systech recently formalised a collaboration with Microlink Solu tions Bhd and Applied Business Systems Sdn Bhd, marking its entry into the GPU-as-a-Service (GPUaaS) space. The initiative enables the group to participate in the artificial intel ligence (AI) infrastructure segment, offering organisations that require o IT company, under new ownership, leans towards property technology, digital infrastructure and e-commerce

Ong says the immediate focus is to strengthen Systech’s fundamentals while restoring confidence among shareholders, partners and the broader market.

As part of its AI push, Systech’s collaboration with Microlink Solutions and Applied Business Systems centres on deploying en terprise-grade GPU infrastructure to offer on-demand AI computing services. The partnership combines hard ware supply and configuration with Systech’s integration and service capabilities, enabling organisations to access high-performance com puting without heavy upfront capital expenditure. The move positions the group within Malaysia’s growing AI and data-driven digital economy. “We have identified a number of jobs opportunities in this space and views this segment as a strategic growth pillar moving forward.” He said RSSB’s role as a turnkey developer under the framework re inforces its construction and delivery capabilities within the sector. “As the appointed turnkey developer, we will be responsible for the full scope of design and construction across the proposed facilities, working closely with our partners to ensure disciplined execution and timely delivery.” Selangor remains Malaysia’s largest industrial state, with a high con centration of manufacturing, logistics and export-oriented activity. The Klang Valley industrial corridor employs a significant portion of Malaysia’s registered foreign work force, which totals approximately 2.4 million nationwide, according to recent government disclosures. The RM600 million development value for the four CLQs is expected to provide RSSB with clear earnings visibility over the next three years. QCM will oversee operational management of the CLQ facilities upon completion.

open to expansion opportunities, including potential moves beyond its current footprint, Ong noted that any such plans would be subject to board consideration and approval. For now, the focus is clear, reinforce governance, stabilise operations and build scalable digital capabilities that can deliver sustainable growth over time. As Systech embarks on its next chapter, management is betting that stronger fundamentals, disciplined oversight and a sharper digital focus will lay the groundwork for renewed market confidence and longer-term resilience.

Catenary Capital inks HoA for RM600m labour quarters development PETALING JAYA: Catenary Capital Sdn Bhd has entered into a heads of agreement (HoA) with Main Market listed Rivertree STF Synergies Bhd (RSSB), formerly known as Sinmah Capital Bhd, and Q Centre prioritise compliant, well-managed and scalable worker accommodation solutions.

From left: Catenary Capital founding partner Lock Jian Wah, Hizzan, Leong, Rivertree STF Synergies executive director Datuk Wira Joey Yan and RSSB Builders Sdn Bhd executive director Datuk Leo Ong.

mmodation represents a segment where institutional ownership can introduce greater discipline and governance standards, particularly in areas where capital participation has traditionally been fragmented. “Workforce housing affects stability, productivity and reputational risk. Institutional ownership enables con sistent operating standards and asset oversight, while supporting labour compliance and supply chain stan

dards for employers,” he said. RSSB executive director Datuk Simon David Leong said the HoA marks a significant milestone for the group as it expands its role within the CLQ segment. “This mandate marks a defining milestone for RSSB and establishes us as a trusted CLQ infrastructure developer. We see strong structural demand emerging within the CLQ segment as industries increasingly