IPO ... Pestech

Pestech International Bhd, an electric power technology company, says it has received approval from the Securities Commission for a listing on Bursa Malaysia's Main Market.

Bank Islam Malaysia Bhd has been hired as the principal adviser for Pestech's listing.

The group also said it had won and delivered multi-million projects involving electrical power transmission and distribution.

This covers high voltage and extra high voltage sub-stations, transmission lines and underground cable works.

Tenaga Nasional Bhd (TNB) has been Pestech's main client since 2000, contributing 36 per cent to its revenue in its financial year ended December 31 2010, Pestech said in a statement yesterday.

Pestech chief executive officer Paul Lim said the company is strategically positioned in the industry as utility companies and industrial users rely and engage its services.

Pestech is one of the few local companies with the knowledge and capability to design and manufacture its own communication, protection and control products for use in its projects as well as to be sold as finished products.

Established in 1991, Pestech ventured overseas in 2007 and won its first contract for the supply of products in Brunei.

Since then, Pestech had successfully penetrated Ghana, Papua New Guinea, Cambodia, Sri Lanka and Tanzania.

Its foreign revenue contribution has a steady growth in the last five years with some 51.4 per cent of its revenue originating from overseas operations.

Pestech current key project is the design, building, testing and commissioning of sub-stations in north Phnom Penh and Kampong Cham in Cambodia, and the 110km and 230kV transmission link between these two areas.