Infoline Tec Debuts ON ACE Market With Modest Opening Premium Of 1 Sen

Information technology (IT) infrastructure and cybersecurity solution provider Infoline Tec Group Bhd on Wednesday made its ACE Market debut on Bursa Malaysia at 33 sen, at a 1 sen premium from IPO issue price of 32 sen.

Infoline Tec opened at RM0.33 with an opening volume of 16,076,500 unit shares.

Infoline Tec has raised a total of RM23.68 million under its initial public offering (“IPO”), of which RM17.46 million or 73.74% will be utilised to enhance the Group’s existing Network Operation Centre and to set up a Security Operations Centre, technology centre, and disaster recovery centre. The upgrade of Infoline Tec’s facilities and capabilities will enable it to increase its customer base and offer an expanded range of services.

Another RM2.22 million or 9.37% shall go towards business expansion activities to enhance the Group’s geographical presence in Malaysia and in the People’s Republic of China (“PRC”). Meanwhile, the remaining RM4.00 million of IPO proceeds or 16.89% will be utilised for listing expenses.

Infoline Tec’s Chief Executive Officer, Mr. Choo Wei Chuen  said“We are immensely delighted with our successful listing on the ACE Market of Bursa Securities as it marks a momentous occasion for all of us in Infoline Tec. Being a listed company and with the fresh capital raised, we look forward to strengthening our market presence and embarking on the next phase of our corporate journey.”

“As the world moves towards the digital era, adoption of new technologies such as artificial intelligence (AI), big data, cloud computing, internet of things (IoT), mobile and social computing would gain further traction. Governments and businesses alike are cognisant that IT infrastructure and cybersecurity solutions are complementary and critical in supporting high speed connectivity as well as in protecting data and networks from cybersecurity attacks.”

Infoline Tec has recently announced its first quarterly results for the financial period ended 31 March 2022, registering a revenue of RM8.86 million and a profit after tax of RM1.32 million. In terms of Infoline Tec’s dividend policy, the Board of Directors of the Company targets to distribute dividends of up to 30.0% of the Company’s annual audited profit after tax attributable to the shareholders of the Company

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