Shares of G3 Global down despite AI park MoU


Shares of G3 Global Bhd fell 12% or 20 sen to RM1.42 yesterday, despite the company inking a memorandum of understanding (MoU) with Chinese parties to set up Malaysia’s first proposed artificial intelligence (AI) park with a total investment of RM4.13 billion.

The supplier of Internet of Things (connected devices) inked the MoU with SenseTime Group Ltd and China Harbour Engineering Co Ltd (CHEC) in Beijing, China, in conjunction with the second Belt and Road Forum for International Cooperation.

Under the MoU, G3 Global will primarily be involved in facilitating and coordinating the establishment of the AI park, while forming partnerships and collaborations with various stakeholders such as government agencies, universities, enterprises and multinational corporations.

Prime Minister Tun Dr Mahathir Mohamad, who attended the forum, had gone to SenseTime’s office in Beijing, where he gained a first-hand experience of the company’s latest AI technologies.

SenseTime will build a supercomputing and AI platform for research and cloud services — besides providing its industry expertise and technological support particularly on facial and object recognition — and will also be assisting in the development and deployment of training syllabus for universities, colleges and schools.

CHEC will provide its expertise in infrastructure engineering and construction services, G3 Global — formerly known as Yen Global Bhd — said in a release last Friday.

The proposed AI park will serve as a platform for the development of AI solutions in the areas of computer vision, speech recognition, natural language and humanoids or robots.

G3 Global’s share price rallied last week, rising from 79 sen last Monday to hit a high of RM1.84 yesterday before profit- taking saw a heavy selldown of the counter.