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BUSINESS

EVD debuts on ACE Market at 26 sen, to further explore regional markets

01/07/2022 12:11 PM

KUALA LUMPUR, July 1 (Bernama) --  EVD Bhd made its debut on Bursa Malaysia Securities Bhd’s ACE Market today by assuming the listing status of  iDimension Consolidated Bhd (ICB), opening at a high of 26 sen per share, compared to its reference price of 21 sen.

At the opening bell, the counter saw 1.19 million shares changing hands.

The listing of the group -- which is principally involved in the provision of information and communications technology (ICT) system solutions for transportation systems -- was consequent to the completion of the regularisation plan of ICB.

EVD Bhd executive director Gan Wee Peng said the group plans to tap into regional markets on the prospect of rising transportation and infrastructure projects in countries such as Thailand and Indonesia, apart from its existing projects in the Philippines.

“Our strengths actually lie in providing a comprehensive ICT system mainly for the urban railway system and the highway infrastructure.

"Our success lies in our vast experience in the industry, so we want to replicate the process in other Southeast Asian countries that have the same transportation system and infrastructure plans," he told the media after the listing ceremony today.

Gan said currently, the group’s local projects account for 70 per cent of its total revenue and the group has been actively participating in the Mass Rapid Transit (MRT) 1 and MRT 2 projects.

Through the regularisation plan of ICB, the group collectively raised total gross proceeds of RM26.64 million, which will be utilised for part-settlement of the purchase consideration for the acquisition of EVD Engineering Sdn Bhd, working capital and expenses in relation to the plan.

Following its listing, EVD will have an enlarged market capitalisation of RM99.3 million with a total of 382 million shares.

On prospects, Gan said the group expects its earnings to remain positive in the long-term period as the transportation system solutions industry in Malaysia is expected to grow at an estimated compound annual growth rate of 9.9 per cent, from RM1.71 billion in 2022 to RM2.15 billion in 2024.

“Moving forward, we intend to leverage some of the opportunities created by the upcoming railway, urban rail transit system and highway projects in Malaysia, in addition to expanding our transportation system solutions for other types of transportation-related infrastructure.

"The government has announced the construction plan of several transportation infrastructures, including three new highways and MRT 3, and we will participate in these upcoming projects," he added.

-- BERNAMA

 


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