KUALA LUMPUR: Cyber security company, Securemetric Bhd, aims to raise RM17 million from its initial public offering (IPO) at 25 sen per share.
The company will be retailing 17 million shares to the public till Oct 30 and is slated for listing on the ACE market on Nov 13.
It will also issue 48 million shares to selected investors and three million to eligible employees.
Chief executive officer Edward Law said of the total proceeds, RM5.7 million will be utilised for the development of new digital security solutions, RM5.16 million for working capital purposes and RM1.7 million for business expansion.
“The remaining RM4.44 million will be used for borrowing repayment and defrayment of IPO expenses,” he told a press conference after the Securemetric prospectus launch yesterday.
Law also said the company had currently an orderbook of RM19.5 million in Malaysia, Vietnam, the Philippines, Indonesia and Singapore, and with the listing, hoped its footprint in these countries can be strengthened.
“The group’s strong expertise and proven track record are backed by its local and foreign client base from diverse industries such as government organisations, financial institutions, public certification authorities, software development companies
and IT service providers,” he said.
For the financial year ended Dec 31, 2017, more than 85 per cent of the company’s revenue was derived from overseas.
He also said Securemetric is confident of the potential growth in digital security solutions in Southeast Asia, especially within the government and financial sectors.
“With increasing adoption of technology by businesses and governments, enhanced digital security solutions is of utmost importance to avoid data leakages and economic losses arising from cyber attacks,” Law said. — Bernama
Source: Borneo Post Online