DEEP SOURCE (00990.HK): Kuantan AI Data Centre Plan Detailed; Land Costs MYR417m

NewTimeSpace News: On 11 November 2026, Deep Source Holdings Limited (stock code: 990) published a supplemental announcement providing further details on management experience, the business plan and funding for the acquisition of land for an artificial intelligence data centre project announced on 20 October 2026.

The Group entered into a sale and purchase agreement on 18 October 2026 to acquire land in Kuantan, Pahang, Malaysia for total consideration of about MYR417.49 million. As at the date of the announcement, the first two payments totalling about MYR41.75 million, or 10% of the consideration, had been made, with the balance payable on milestones covering foreign investment approval, state consent to transfer, early access and completion.

The Group plans to develop the land in two phases. Phase one will prioritise Plot 1 for an AI data centre, with Beibu Gulf Holding (Malaysia) Sdn. Bhd. having issued a formal commitment letter to reserve 120 megawatts of generation capacity for the project, subject to conditions, and a construction period of about six to twelve months. Phase two covers the remaining seven plots, partly for data centres and partly for supporting power facilities, with use and scale to be determined.

A core team led by executive directors Wu Lei and Xu Hang and the head of the AI data centre business oversees the project, combining in-house management with outsourced specialists in design, electrical and building engineering, engineering procurement and construction, and legal and tax advisory. Funding is expected to come from internal resources, expected net proceeds of about HK$1.299 billion from the proposed disposal of its futures and related financial business, which is not yet completed, customer prepayments, external investors and bank financing.