2012

• Ztree (M) Sdn Bhd was incorporated on 11 May 2012 by our founder and Managing Director, Goh Chye Hin, along with our Non-Independent Executive Director, Kee Hui Lang, to venture into the trading of third party branded decorative paints, protective coatings as well as painting tools and accessories. Prior to setting up Ztree (M) Sdn Bhd, Goh Chye Hin had accumulated approximately 30 years of experience in the decorative paints and protective coatings industry.

2013

• We ventured into the decorative paints and protective coatings manufacturing business upon the incorporation of Bond Paints (M) Sdn Bhd, which later underwent a name change to Smart Paint Manufacturing in 2015. Bond Paints (M) Sdn Bhd was incorporated by our founder and Managing Director, Goh Chye Hin, along with his cousin, Goh Bee Sim. We manufactured and sold decorative paints and protective coatings under our first house brand ‘Smart Paints’.
• We rented and operated from Johor Factory 1.
• Upon commencement of our business, our decorative paints and protective coatings offering comprised standard, ready-mix and paint bases as well as decorative paints and protective coatings with enhanced mechanical properties such as easy-to-clean, UV-protected, dirt resisting, and environmental friendly with low odour and VOC.
• We were involved in product development activities to develop new colour formulation for our decorative paints and protective coatings. With our product development activities, we were also able to formulate and manufacture in-plant colourants for use in our manufacturing of decorative paints and protective coatings. Please refer to Section 7.3.3 of this Prospectus for further details of our colourants.
• We distributed our decorative paints and protective coatings directly to wholesalers and dealers (i.e. retail hardware stores and paint shops) throughout Malaysia. Further details on our wholesalers and dealers are as set out in Section 7.2.6 of this Prospectus.
• We recorded our first export sales when we exported our products to a customer in Brunei. In the same year, we also recorded our first export sales to Singapore, which further expanded our customer base.
• We launched our second house brand ‘Toplus’ to carry our decorative paints and protective coatings.

2013

• We first acquired several Smart Colour POS Tinting Machines and set up the machines at our dealers’ stores. Smart Colour POS Tinting Machines are machines that allow on-the-spot mixing to obtain a wide range of paint colours whereby colourants (i.e. concentrated pigment solution) are mixed with a paint base in accordance to the colour codes selected by retail end-users. It allows our dealers to offer a large variety of paint colours to retail end-users while optimising inventory space as it eliminates the need to store large inventories of coloured paints at their stores. Further details on our Smart Colour POS Tinting Machines are as set out in Section 7.2.6 of this Prospectus.

2014

• We recorded our first export sales to Indonesia as our Group continued to expand our regional presence.

2015

• As our business grew, we acquired an adjacent factory, Johor Factory 2 from Yudo Asian (Malaysia) Sdn Bhd at a purchase consideration of RM6.50 million. This factory has been used to store finished goods as well as to house our product development facility until to-date.
• We expanded our product offerings when we began to manufacture and sell binding and coating chemicals under our third house brand ‘King-Bond’. Our binding and coating chemicals are additives that are used to improve certain properties of cement or mortar. Please refer to Section 7.3.4 of this Prospectus for further details of our binding and coating chemicals.

2016

• To further enhance the value-added functions of our offerings to promote better air quality, we launched our first Zero VOC paint series, namely Eco-Wash. This series is catered for customers who have higher requirement on VOC restriction in paints which are suitable for places with more stringent contaminant controls such as nurseries, hospitals and laboratories.
• We recorded our first export sales to Cambodia.
• We launched our fourth house brand ‘Hunter’ to carry our decorative paints and protective coatings.
• We continued to expand the distribution of our Smart Colour POS Tinting Machines and achieved a new milestone with approximately 140 retail hardware stores/retail paint shops carrying our Smart Colour POS Tinting Machines across Malaysia by the end of 2016.

2017

• We expanded our product offerings to include aerosol spray paints which is launched under our fifth house brand ‘Bond7’.

2018

• We acquired Johor Factory 1 from UT Holdings at a purchase consideration of RM6.80 million, which remains as our headquarters and manufactur- ing facility until to-date.
• We started manufacturing POS universal colourants in Johor Factory 1. POS universal colourants are in-house developed colourants that are specifically catered for use in our Smart Colour POS Tinting Machines. Prior to this, we sourced colourants for use in our Smart Colour POS Tinting Machines from our supplier.
• The distribution of our Smart Colour POS Tinting Machines expanded further and we recorded approximately 200 retail hardware stores/retail paint shops carrying our Smart Colour POS Tinting Machines across Malaysia by the end of 2018. We also recorded our first sales of Smart Colour POS Tinting Machines to Indonesia.
• In anticipation of our future expansion, we acquired Perak Land from Perbadanan Kemajuan Negeri Perak at a purchase consideration of approxi- mately RM2.79 million. Further details on our expansion plan are as set out in Section 7.22.1 of this Prospectus.

2019

• We launched our sixth house brand ‘Aquatint’ to carry our POS universal colourants as well as in-plant colourants.

2020

• We continued to enhance the value-added functions of our paints when we launched our anti-viral and anti-bacterial paint series, Eco-Medi SafeGuard+ which eliminates human coronavirus OC43 (“CoV-OC43”) with efficacy of 99.94%, human enterovirus 71 (“EV-A71”) with efficacy of 99.93%, Escherichia Coli and Staphylococcus Aureus bacteria with efficacy of 99.99% as well as SARS-CoV-2 (“COVID-19 virus”) with efficacy greater than 99.99% that comes in contact with the paint.(1)
• We launched our seventh house brand ‘Durra Paints’ to carry our decorative paints and protective coatings.
• We launched our eighth and ninth house brand, ‘Unitint’ and ‘Flexitint’ to carry our in-plant colourants.
• We recorded our first export sales to Vietnam and PRC.

2021

• We achieved a new milestone when the distribution of our Smart Colour POS Tinting Machines reached approximately 320 retail hardware stores/retail paint shops across Malaysia by the end of 2021.
• By the end of 2021, we also achieved a cumulative sale of 53 units of Smart Colour POS Tinting Machine across Indonesia, Singapore, Brunei and Cambodia. Further details on the distribution of Smart Colour POS Tinting Machines are as set out in Section 7.2.6 of this Prospectus.

2022

• We acquired the trademark of ‘Goldliner’ from UT Holdings and with that, ‘Goldliner’ became our tenth house brand.
• We further expanded our operational facilities when we acquired another adjacent factory, Johor Factory 3 from Sheng Sin Equipment Sdn Bhd at a purchase consideration of RM7.20 million. This factory has been used to store raw materials until to-date.
• We commenced construction of our Perak Plant on the Perak Land that we acquired in 2018. Please refer to Section 7.22.1 of this Prospectus for further details on the construction of our Perak Plant.

2023

• We received The BrandLaureate SMEs BestBrands Award 2023 from The World Brands Foundation, an award that recognises a company’s effort in branding. Companies are evaluated based on brand strategy, brand culture, brand innovation, brand performance and brand communication, prior to being selected as winners amongst their respective categories.
• The construction of our Perak Plant was completed.

2024

• We rebranded all our products under ‘Unitint’ to ‘Flexitint’