VentureTECH recently unveiled an initial RM2.5 million investment in Gas Pantai Timur Sdn Bhd (GPT), a wholly Bumiputera-owned company involved in the manufacturing and supply of medical and industrial gases throughout the country, to help the company meet surging demand for oxygen gas cylinders at all government hospitals as well as clinics, as the country continues its quest to overcome the COVID-19 pandemic.
GPT is a major supplier of medical and industrial gases which include oxygen, acetylene and nitrogen all processed in gas plants located in Pengkalan Chepa Industrial Area, Kelantan and the newest in Gopeng Industrial Area in Perak.
The investment from VentureTECH will see GPT expanding its cylinder refilling station in Puchong for medical gases to serve hospitals in the central region, making it more accessible to serve the government hospitals and clinics.
“Our mission to support local companies operating in the critical healthcare related sector bodes well with the government particularly the Ministry of Health’s tireless efforts to overcome the pandemic to meet the urgent requirements of the national healthcare systems in the interest of the Rakyat. This investment is in line with VentureTECH’s impact investment philosophy which aims to generate positive societal impacts.
“In the road to recovery from the pandemic, VentureTECH’s investment in GPT has a pivotal role to play as it will ultimately help Malaysia restore its economic activities in line with the Government’s Budget 2022 and 12th Malaysia Plan while supporting the integration of IoT and tracking technology in the production and distribution supply systems for improved efficiency,” expressed Dr Norida Abd. Rahman, Managing Director of VentureTECH.
According to GPT, the demand for oxygen cylinders swelled more than eight (8) times in the 3rd COVID-19 wave from the subsequent wave, exerting tremendous pressure on the country’s healthcare system, resulting in increased ICU bed occupancies and the need for respiratory support.
“Even though cases seem to be under control, we are preparing for any eventuality to ensure that hospitals will not be caught off guard by a cylinder shortage again, and the investment from VentureTECH has enabled us to ensure that we will be able to accommodate to the demands,” said Nik Ahmed Nerang Nik Rithauddeen, Chief Executive Officer of Gas Pantai Timur.
The company has an extensive logistic distribution network in Peninsular Malaysia through its supply chain and distribution depots in the Northern Region (Penang), Southern Region (Johor), Eastern Region (Pahang and Kelantan) and Central Region (Perak and Selangor).
Apart from manufacturing and supplying medical and industrial gas, GPT also provides after-sales services and tank installation rental services for Liquid Oxygen storage.
Moving forward, GPT aims to increase its product mix by developing the company’s own production line for other gases, increasing its logistical capabilities and establishing a new gas production plant in the Southern region.
This marks VentureTECH’s sixth investment in the healthcare-related market segments since its inception, and with the addition of GPT, VentureTECH has invested and committed to investing in 24 technology industry leaders in the targeted biotechnology and biobased industries, and emerging and green industries, with aggregate investee net worth surpassing RM1.2 billion mark.
The investment agreement was earlier signed by Norida Abd Rahman and Puan Wan Hamimie Dato Wan Ariff, Director of Gas Pantai Timur in VentureTECH’s office in Cyberjaya.
