KUALA LUMPUR, Oct 13 (Bernama) -- Jati Tinggi Group Bhd (JTGroup) said its business operations remain on track, and emphasised that there has been no material change to its business operations or ongoing project execution arising from the recent market volatility.
“The group acknowledges the weakness in its share price, which has coincided with broader market volatility affecting technology, artificial intelligence (AI) and data centre-related companies.
“The market sentiment has been influenced by growing concerns surrounding global AI infrastructure investments and financing requirements,” the infrastructure utilities engineering solutions provider company said in a statement today.
Media reported that its share price fell 29 per cent to RM1.00 at around 10 am today from an opening price of RM1.40, triggering a suspension of intraday short selling in the stock.
JTGroup said Malaysia’s power infrastructure sector continues to be supported by sustained investments in grid expansion and modernisation, particularly Tenaga Nasional Bhd’s RM42.8 billion capital expenditure allocation under Regulatory Period 4 (RP4).
Rising electricity demand from data centres, industrial developments and renewable energy integration is also expected to support the sector’s long-term growth prospects.
Against this backdrop, the group said it remains focused on its core business in power infrastructure engineering, encompassing underground cable installation, overhead transmission lines, substations and other related electrical infrastructure works.
“Moving forward, JTGroup remains committed to the timely execution of its existing projects and strengthening its capabilities to capitalise on opportunities arising from Malaysia’s ongoing power infrastructure development,” it added.
-- BERNAMA