THE state government hopes to see more local small and medium enterprises (SMEs) grow into large home-grown companies with a global footprint, said Chief Minister Chow Kon Yeow.
Chow expressed this optimism during the Strategic Investment Signing Ceremony between YBS International Berhad and EXIM Bank, held at the Holiday Inn & Suites in Perai today.
“YBS International’s journey from its founding in 2006 to its ACE Market listing in 2012, and now its phase of accelerated regional expansion, is a strong example of how vision, discipline and strategic partnerships can translate ambition into success,” he said.
“With the support of EXIM Bank, the agreement signed today marks a new chapter in the company’s growth.
“This is the type of success story the state government wants to share, a local SME growing into a large local company with a presence in the global market and a vision to expand beyond national borders.”
Chow said the state government looks forward to seeing more SMEs follow in YBS International’s footsteps, adding that it is the government’s responsibility to support enterprises throughout their growth journey.
It is learned that the signing ceremony marks YBS International Berhad’s acquisition of Allied, with EXIM Bank acting as the company’s funding partner.
Meanwhile, Chow noted that the acquisition represents a significant milestone in YBS International’s regional expansion plans.
“With new facilities planned in Johor Bahru and Melaka, and operations extending into Vietnam and Bangkok, YBS is positioning itself as a major ASEAN player,” he said.
He added that the company’s workforce is expected to expand from 1,000 to 3,000 employees, creating more high-value jobs and strengthening supply-chain linkages.
“This kind of growth is made possible through strong financial partnerships. In this regard, I commend EXIM Bank for its strategic support,” Chow said.
According to him, the signing also reflects the confidence of Malaysian financial institutions, the strength of local enterprises, and Penang’s growing stature as a regional industrial and manufacturing hub.
Chow said the expansion aligns with the Penang2030 Vision and the New Industrial Master Plan 2030, which emphasise advanced manufacturing, digitalisation and export-led growth.
“Beyond its economic impact, this acquisition also delivers important social value by supporting skills upgrading, creating new employment opportunities and retaining specialised talent,” he said.
“As industries evolve through automation and sustainability practices, it is vital that growth remains inclusive and continues to deliver long-term benefits for our people.”
Describing the ceremony as a strong vote of confidence in Penang’s industrial ecosystem, Chow said the state takes pride in being home to companies that dare to grow, innovate and compete internationally.
“I extend my warmest congratulations to YBS International Berhad, Allied and EXIM Bank, and encourage you to deepen collaboration with local institutions, prioritise skills development and sustainability, and continue to represent Penang with pride on the global stage,” he said.
The memorandum of understanding (MoU) was signed by EXIM Bank chief business officer Faizah Mustana and YBS Group managing director and chief executive officer Jackie Yong Chan Cheah, and witnessed by Chow.
Story by Tanushalini Moroter
Pix by Adleena Rahayu Ahmad Radzi
Video Siew Chia En