PENANG wants to see more homegrown companies like HNG Capital that can sustain their businesses across generations, reinvest locally and adapt to changing economic conditions, says Chief Minister Chow Kon Yeow.
He said established companies played an important role in providing stable employment and strengthening the state’s economic foundation.
“Such companies give our people stable jobs and give our state a steady economic base,” he said in his speech at HNG Capital’s 50th anniversary celebration dinner at the Penang Waterfront Convention Centre (PWCC) today.
Chow congratulated the group on reaching the milestone, saying Penang needed more businesses with such longevity.
He said the state’s economy had long been driven by the manufacturing sector, while the government continued to strengthen its industrial base and expand into clean energy, tourism, property and services.
He noted that HNG Capital’s business interests in power, metals, hospitality, property and telecommunications were aligned with several of the state’s economic growth areas.
Founded in 1976 by Tan Sri H’ng Bok San, the group started with cable and wire manufacturing before expanding into various sectors. It has since grown into a regional investment holding company, with an expanding presence in Indonesia’s digital infrastructure sector.
Chow also highlighted Penang’s strong investment performance, with approved manufacturing investments reaching RM22.4bil in 2025, a 29% increase from the previous year.
The state ranked third nationwide, with the approved projects expected to generate 24,633 jobs.
In the first half of 2026, approved manufacturing investments in Penang reached RM17.3bil, an increase of 38.1%.
On clean energy development, he said the state government, through the Penang Development Corporation (PDC) and its subsidiary Solar Voltech, had started work on a RM103mil solar farm in Byram, Nibong Tebal, in April.
The facility is expected to generate 58,296 megawatt-hours of clean energy annually from 2027, enough to supply more than 16,000 homes.
Chow also pointed to the state’s tourism performance, with Penang ranking third nationally for international hotel guests in the first quarter of 2026, recording 967,742 visitors.
He said the tourism sector also supported a significant number of jobs, with the Association of Tourism Attractions Penang’s more than 60 members contributing to about 30,000 jobs.
On the proposed Penang Technology Financial Centre (PTFC), Chow said the initiative was part of the state’s efforts to strengthen its position as a business hub and support companies in developing their technologies.
He said the proposed centre would serve as a specialised financing platform focusing on hard technology, deep technology, venture capital, private equity and supply chains.
The state had submitted a White Paper on the proposal to the Finance Ministry, while the Federal Government had backed the initiative in Budget 2027.
He added that Budget 2027 also announced a RM100mil fund established by Khazanah Nasional Bhd and InvestPenang to support early-stage semiconductor and advanced manufacturing companies.
Chow said economic growth should ultimately be measured by its impact on people’s well-being, including income levels, employment opportunities, housing affordability and access to public services.
He urged HNG Capital to continue investing in Penang and wished the group continued growth and success as it entered its next chapter.
The event also featured a cake-cutting ceremony to mark HNG Capital’s 50th anniversary and Chow’s 68th birthday, as well as musical performances by Singaporean singer Olivia Ong.
Meanwhile, H’ng said the group had grown over the past 50 years into a diversified investment company with interests in electricity, metals, hospitality, education and property development.
Its operations had also expanded into Vietnam, Cambodia and other parts of Southeast Asia, while the group continued to explore further growth opportunities.
H’ng attributed the group’s achievements to the dedication and contributions of its past and present management teams, employees and business partners, particularly those from the banking sector.
Among those who attended were former chief ministers Tan Sri Dr Koh Tsu Koon and Lim Guan Eng, Penang Port Commission (PPC) chairman and Tourism Malaysia deputy chairman Datuk Yeoh Soon Hin, Tanjong MP Lim Hui Ying, Komtar assemblyman Teh Lai Heng, HNG Capital group chief executive officer Datuk Sean H’ng Chun Hsiang, chief financial officer Datin Seri Jessica H’ng Hsieh Ling, Tan Sri Lim Kit Siang, his wife Neo Yok Tee, and prominent business leaders.
Story by Edmund Lee
Pix by Adleena Rahayu Ahmad Radzi