Friday 29 Mar 2024
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KUALA LUMPUR: G3 Global Bhd said it had submitted a tender offer to Technology Park Malaysia (TPM) 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.

It was responding to a report in The Star newspaper yesterday 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 inked a memorandum of understanding with SenseTime Group Ltd and China Harbour Engineering Co Ltd (CHEC) to set up the AI park in Malaysia, with a total investment of US$1 billion.

G3 said the park would serve as a platform for the development of AI solutions in areas of computer vision, speech recognition, natural language and humanoids/robots. It could 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 (RM18.81 billion), will provide G3 its industry expertise and knowledge, including technology and technical support, product and technology 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 climbed steadily from RM1.62. It closed four sen or 1.18% higher at RM3.42 yesterday, giving the group a market capitalisation of RM1.42 billion.

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