G3 says yet to receive decision from TPM on bid for land to develop AI park

KUALA LUMPUR (Oct 14): G3 Global Bhd said it has submitted a tender offer to Technology Park Malaysia for the development of a piece of land there, but has yet to receive any official decision on the matter.

The tender was submitted on June 14, the artificial intelligence (AI) group said in a filing with Bursa Malaysia today.

It was responding to a report in The Star today which said G3 and its partners had secured a piece of land in TPM to build their iconic AI park.

The report quoted an unnamed property industry executive as saying that TPM made a decision last week to award the piece of land to G3.

In April, G3 had inked a memorandum of understanding with SenseTime Group Ltd and China Harbour Engineering Company Ltd (CHEC) to set up the AI park in Malaysia, with a total investment of US$1 billion.

G3 said the park will serve as a platform for the development of AI solutions in areas of computer vision, speech recognition, natural language and humanoid/robot. It can also become a place for talents to be trained in AI and machine learning.

G3 will primarily be involved in promoting, managing and executing all business development activities for SenseTime’s products and technologies within Malaysia.

SenseTime, which recently became the world’s most valuable AI start-up with a valuation of more than US$4.5 billion, will provide G3 its industry expertise and knowledge which includes technology and technical support, products and technologies training, as well as periodic updates on new technologies.

Meanwhile, CHEC’s role in the venture is to provide infrastructure engineering and construction services.

G3’s share price has more than doubled since the announcement on April 26, having climbing steadily from RM1.62. It closed four sen or 1.18% higher at RM3.42 today, giving the group a market capitalisation of RM1.42 billion.

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