Animation firm Kucingko to train and employ new creative staff in Sabah, Sarawak after IPO
Animation firm Kucingko to train and employ new creative staff in Sabah, Sarawak after IPO
KUALA LUMPUR (June 28): ACE Market-bound animation company Kucingko Bhd is looking to train and employ up to 60 new creative staff in Sabah and Sarawak, as part of its capacity expansion efforts following its initial public offering (IPO).
Of the RM30 million to be raised from the IPO, Kucingko plans to allocate RM17.8 million for capacity expansion, including RM11.9 million for the setting up of production branch offices in Sabah and Sarawak.
The company intends to set up one branch office in Kota Kinabalu with a total built-up area of 1,800 sq ft and another branch office in Kuching with a total built-up area of 3,200 sq ft.
Kucingko executive director See Chin Joo said the rationale for the move to expand its production capacity in Sabah and Sarawak is to diversify its source of talent pool in animation production outside of its headquarters in Selangor, as part of its strategy to grow its animation technical personnel.
"We have already started cooperating with state government agencies in Sabah, to train the talents and then employ them subsequently. Similar arrangements are also in the works for Sarawak," he told reporters on Friday following Kucingko's prospectus launch.
See was referring to the non-binding memorandum of understanding Kucingko entered into recently with the Sabah Creative Economy and Innovation Centre for potential talent collaboration.
Besides that, Kucingko is also in preliminary discussions with Universiti Malaysia Sabah and Universiti Malaysia Sarawak for potential cooperation, including to provide internship opportunities to students of the universities, collaborate in setting up remote animation studios in the universities as well as knowledge and experience sharing.
Kucingko currently has 243 animation technical personnel. While it derives almost 100% of its revenue from providing animation production services to primarily international markets, See said 95% of its talents are Malaysians.
The branch offices in Sabah and Sarawak are expected to commence operation by the second half of 2024.
Kucingko, which has fixed its IPO price at 30 sen per share, is set to be listed on July 26,
Kucingko fixes IPO price at 30 sen, set to be first animation studio on Bursa