Wednesday, April 17, 2024
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HomeOther CountriesMalaysiaITMAX System makes impressive debut on Main Market - Free Malaysia Today

ITMAX System makes impressive debut on Main Market – Free Malaysia Today

KUALA LUMPUR: ITMAX System Bhd made a strong debut on the Main Market of Bursa Malaysia at RM1.52, for a premium of 45 sen, or 42% gain, over its issue price of RM1.07.
At the opening bell, the counter saw 18.53 million shares changing hands.
The public space networked systems provider has raised RM203.89 million from its initial public offering (IPO) exercise.
“The funds we raised will be used to fuel our commitment to continue developing and building smart cities. We will also expand our telecommunication and data systems infrastructure to ensure that we have a solid foundation to support our systems,” said MD and CEO William Tan Wei Lun.
Out of the total proceeds raised, ITMAX has allocated RM85 million for the expansion of its smart city application, while RM12.5 million and RM20 million have been budgeted for the expansion of its research and development capabilities, and enterprise market respectively.
A further RM39.5 million has been allocated towards the network and telecommunication infrastructure expansion and RM29.08 million for working capital while RM8 million will be for the repayment of borrowings.
On its expansion plan, Tan said the company is planning to focus on its resources to expand its business to other states in Malaysia by introducing cameras and related accessories to the market.
“We provide a video surveillance by generating statistics and reports utilising artificial intelligence. We target to bring the system in all major cities in Malaysia. This is crucial, especially since video surveillance in most of the cities has less than 100 cameras.
“We started in 2018 with around 1,000 cameras in Kuala Lumpur and now we have installed 5,000 cameras in the city.
“To cover more blind-spots, it is ideal to have around 50,000 cameras in the city. We will take some time but I think it is achievable in 10 years’ time,” he said.
Tan said its outstanding order book stands at RM600 million with 19 signing contracts until 2029.
The company’s share price settled down to RM1.38 at the midday break.
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