Milestones of Sersol Berhad ( formerly known as Sersol Technologies Berhad )
Multi Square Sdn Bhd (MSSB) was incorporated in 1992, with its base in Ulu Tiram, Johor Bahru as a trading company, supplying chemical solvents and thinners to the Electronic & Electrical (E&E) and Furniture industries. We also set up our Northern Region distribution network in Penang to cater to our E&E customers’ services and technical support.
We expanded our business by trading in imported wood coatings from Italy. We were appointed the sole distributor of all the Milesi’s brand of Polyurethane (PU) & Nitro Cellulose (NC) coatings for use in the furniture industry in Malaysia. MSSB also ventured into the manufacturing of its own thinner blending and set up its distribution network for the Central Region in Shah Alam, Selangor.
After the financial crisis in 1997, we transformed our company from trading in coatings to manufacturing our own brand of coatings to leverage on our risk from import dependents. We set up a Research and Development (R&D) department to develop all types of customised coatings and paints as may be requested by our customers. We also started production of our PU and NC coatings that were well received by our existing customers in Furniture industry in those days.
We expanded our business by selling Plastic and Metal coatings in the E&E industry. We developed all types of coatings usage in this industry varying from 1 component, 2 component plastic coatings, high bake metal coatings , colorants grinding and the like, which became our core business and helped us to secure competitive advantage in the coatings industries.
We also acquired the Quality Management System ISO 9002:1999 certification during 1999 as a recognition of our prestigious Quality brand for all our products supplied to E&E and Furniture industries.
We were looking forward to expand our business into the South East Asia Region and into China by going public under the name and style of Sersol Technologies Berhad in 28 December 2002 as an investment holdings company to be listed on the Kuala Lumpur Stock Exchange ( KLSE ) MESDAQ market (ACE market).
Sersol Technologies Berhad was successfully listed on 12 October 2004 in the MESDAQ market of KLSE under stock name: SERSOL & Stock code: 0055. This listing has envisioned and enabled us to expand our business overseas with the utilisation of the funds raised in the shares issued to the public.
Multi Square Sdn Bhd being a subsidiary of Sersol Technologies Berhad, obtained the accreditation of Environmental Management System ISO 14001:2004.
On 17 March 2005, we expanded our business abroad by investing in Asset Capital Holdings Limited( ACHL) , a company incorporated in Hong Kong for the trading of coatings and related products.
Zhuhai MS Coating Ltd, a subsidiary of ACHL, incorporated in Zhu Hai, The People’s Republic of China, was manufacturing and selling our Sersol branded coatings, chemical solvents and thinners to the region.
On 1 April 2005, Multi Square (S) Pte Ltd was incorporated in Singapore as an importer and trader of coating materials for wood, plastic and metal.
On 28 July 2005, we announced our investment in PT Multi Square , a company incorporated in the Republic of Indonesia to manufacture and sell our Sersol branded coatings , chemical solvent and thinners.
On the same day, we also announced our investment in an associated company, namely TN Industries Sdn Bhd to manufacture thinner blendings for other industries in Malaysia.
We capped the year end with the obtainment of the accreditation of Occupational Health and Safety OHSAS 18001 and the Sony Green Partner Environmental Certification.
On 21 November 2006, we announced our investment in Multi Square Coatings (Thailand) Co. Ltd in Thailand to manufacture and sell our Sersol branded coatings and thinners.
On 4 December 2006, we announced our investment in Deco Coatings Sdn. Bhd., a company incorporated in Malaysia to trade in imported granite coatings from Taiwan for sale to the decorative industry.
We have diversified our business into trading and marketing of ferrous and non-ferrous metal commodities so as to reduce its dependency and reliance on its existing core business in the manufacturing and sale of coatings, thinners and industrial chemicals.
We have further diversified our business into the development and manufacture of Architectural coatings to sell water-based emulsion paints to the decorative industry. We achieved SIRIM’s Eco-label and MS 134 certification for architectural coatings to be marketed in year 2013.
However in line with the global downturn, we made some tough but necessary decisions for long term interests, such as the following:
We disposed of our entire holdings in Asset Capital Holdings Limited due to continued losses in its subsidiary Zhuhai MS Coating Ltd and the unoptimistic outlook of the industry in China.
We also disposed of our entire holdings in PT Multi Square due to the negative outlook of plastic and metal coatings industry in Indonesia.
We successfully dissolved Multi Square (S) Pte Ltd in Singapore so that we may concentrate to consolidate our business operations in Malaysia.
We ceased our trading and marketing of ferrous and non-ferrous metal commodities due to a restructure of our corporate business direction in line with the market conditions in Malaysia.
The Company changed its name from Sersol Technologies Berhad to Sersol Berhad to project its new corporate image.
Sersol Berhad engaged in a renounceable right issue of up to 96,351,000 new ordinary shares of RM 0.10 in Sersol, together with up to 96,351,000 free detachable new warrants on the basis of one rights share together with one warrant for every one existing Sersol share held.
Mohamed Ridzuan Nor Md was appointed as the Managing Director of Sersol Berhad on 2 September 2013 after the resignation of Danny Tan Fie Ping who was the founder and substantial shareholder of Sersol Berhad.
Sersol Holdings Sdn. Bhd., the major shareholder of Sersol Berhad was acquired by Encik Mohd Nazifuddin Mohd Najib and Mr Lim Kim Chai on 26 September 2013.