KUALA LUMPUR: Tengku Datuk Seri Abu Bakar Ahmad Tengku Abdullah, who is executive chairman of Fomema Sdn Bhd which operates foreign worker's health screening system for the Health Ministry, wants to expand his business focus to healthcare and property sectors.
Tengku Abu Bakar, in a rare media interview, told Business Times that he is expanding his reach in the healthcare and pharmaceutical industry through Solalux, a joint venture with Prenolica, an Australian biotechnology firm.
"I am bullish on the healthcare sector. Other than healthcare, I have been shifting some of my focus on the property sector," said Tengku Abu Bakar, who is also executive chairman of Datasonic Group Bhd.
He said Prenolica specialises in the research, development and production of Bioeffectives, which are active substances derived through patented technology that provide significant benefits including antioxidants, antibacterial agents, and nutritional supplements.
These products address a broad spectrum of health and wellness needs, making them particularly relevant in today's context.
"Through our strategic collaboration, Solalux aims to introduce and distribute these specialised products across the Asean market, catering to the growing demand for innovative health solutions.
"Our focus is on addressing lifestyle-related diseases, which are becoming increasingly prevalent in Southeast Asia."
The partnership, he added, is especially timely as the Asean region continues to experience steady economic growth of four to five per cent annually, coupled with rising regional wealth.
"These factors have heightened the focus on healthy ageing and overall well-being, making our initiatives not only relevant but essential. Furthermore, the nutritional supplement industry in this region is projected to grow at over eight per cent annually, reaching an estimated US$18 billion by 2031."
Tengku Abu Bakar believes that by prioritising high-quality and innovative solutions, Solalux is well-positioned to meet this increasing demand while driving significant business growth.
"We are committed to delivering products that align with the aspirations of a healthier and more active lifestyle among the region's population."
On the property sector, Tengku Abu Bakar said he has held a minority stake in the Royale Chulan Cherating Villas in Pahang for several years.
"Through this experience, I believe that there is pent-up demand in domestic tourist destinations,which was even more apparent during the months following the Covid-19 lockdowns."
Malaysia, he added, is blessed with some of the most vibrant eco-tourism offerings and with that, he is exploring the development of a sizeable parcel of commercial land near Bukit Tinggi, Pahang that his family has held for a number of years.
The plan is to capitalise on this prime location to attract both local and international visitors, ultimately benefiting the local economy.
He and his team have also spent some time looking at distressed commercial real-estate assets in the Klang Valley.
With the lack of accessible and affordable housing constantly in the headlines, he believes that there is an opportunity to repurpose under-utilised commercial real estate to address these sorts of challenges.
"We constantly see the development of new residential and commercial properties in and around Klang Valley, with many older real-estate assets left to rot in the hope that someone will re-develop it in the future.
"I personally believe that real-estate development can be carried out in a more sustainable fashion not just in terms of the environment but also in terms of its utilisation by a city and its people.
"By investing in these diverse sectors, I am committed to driving sustainable growth and adding value not only to the business landscape but also to the wider community."
Tengku Abu Bakar said the initiatives in the property and healthcare sectors aim to create meaningful impact within the community.
"Whether it is through developing properties that attract tourism and stimulate local economic growth or introducing specialised healthcare products that enhance the well-being of Malaysians, we are committed to making a positive difference."
Journey into the business world
Since 2010, Tengku Abu Bakar has been actively involved in driving growth and transformation across multiple industries through directorial roles in both public and private companies including Fomema and Datasonic.
In July 2016, he took on the role of executive chairman at Fomema, leading various initiatives to enhance and streamline Malaysia's foreign worker medical screening system.
Datasonic, meanwhile, is a leading security-based ICT solutions provider in the country, recognised for its involvement in mission-critical national projects related to identity, security documents and digital payments.
"My business philosophy is grounded in innovation, strategic digitalisation and a relentless focus on growth. I actively integrate advanced technologies across all my ventures to drive sustainable growth and competitive advantage," he said.
What's next for Fomema?
Fomema, he said, remains dedicated to safeguarding the health of Malaysia's workforce through proactive initiatives.
"Our annual medical examinations for foreign workers are crucial to the early detection and prevention of communicable and non-communicable diseases, ultimately strengthening public health."
As of March this year, the Immigration Department recorded over 2.2 million foreign workers in Malaysia, highlighting the significance of Fomema's services.
"We work with an extensive network of panel service providers and uphold rigorous examination processes, ensuring that high standards are consistently met. We regularly conduct audits, adhere to ISO standards, and collaborate closely with the Health Ministry to maintain and improve our quality benchmarks."
Moving forward, he said the company's focus is on digitalising its processes to boost efficiency, minimise errors and enhance the security of medical data.
"Our digitalisation strategy also includes deploying innovative solutions for contact tracing, enabling effective health interventions.
"By placing a strong emphasis on public health and worker safety, we are ensuring that Fomema remains at the forefront of delivering impactful workforce health solutions, ultimately benefiting both employers and the broader community."
Aspirations for Datasonic
Tengku Abu Bakar wants Datasonic to be a global leader in identity security solutions, covering both physical and digital identity.
Recently, it secured two Letters of Extension (LOEs) from the Home Ministry, valued at RM81.38 million. The first LOE extends its contract for maintenance services at the card personalisation centres of the National Registration Department.
The second LOE pertains to the supply of MyKad, MyTentera and MyPOCA raw cards, along with related consumables, to the National Registration Department. Both contracts will run from December 1, 2024, to November 30, 2025.
Datasonic also secured a Letter of Award from the Road Transport Department (JPJ) to supply and print special category driving licence cards from November 2024 to October 2027, valued at RM21.52 million.
"These achievements not only underscore our reputation as a reliable partner capable of meeting stringent government standards but also reflects our leadership in delivering secure identity solutions. We are confident that these contracts will bolster our growth trajectory and continue to enhance investor confidence in our vision."