iCents Group Holdings Bhd has secured a contract to supply a data centre system for a project in Indonesia, marking another regional expansion for the cleanroom engineering specialist. The contract was awarded in connection with a data centre development undertaken by a multinational construction company in the country.
In a filing with Bursa Malaysia on Friday, iCents said the contract, valued at 59.5 billion rupiah (approximately RM14.1 million), was awarded to its wholly-owned subsidiary, Maytech Cleanroom Manufacturing Sdn Bhd, by an Indonesian dealer. The group did not disclose further details about the multinational construction firm or the local dealer involved in the project.
The company expects the project to be completed by June 2026 and anticipates that it will contribute positively to earnings over the contract period. The latest award also strengthens iCents’ presence in the growing data centre segment, which has seen rising demand across Southeast Asia.
iCents, which was listed on the ACE Market of Bursa Malaysia in July last year, provides cleanroom-related services including engineering, procurement, construction, as well as testing and commissioning. Its solutions cater to a range of industries such as semiconductor and electronics manufacturing, data centres, pharmaceuticals, and life sciences. The group has been expanding its footprint by leveraging demand for controlled environment facilities driven by technology and digital infrastructure growth.
According to ASKEdge data, iCents currently trades at a trailing price-earnings (P/E) ratio of 38.7 times, which is higher than several peers. These include wire and cable manufacturer Supercomnet Technologies Bhd, which trades at around 18 times earnings, and medical device distributor and manufacturer UMediC Group Bhd, which has a P/E ratio of 14.2 times.
Shares in iCents closed unchanged at 37.5 sen on Friday, giving the company a market capitalisation of approximately RM188 million. Compared with its initial public offering price of 24 sen, the stock has gained about 56%, reflecting investor interest since its listing.
