KUALA LUMPUR, July 3 (Bernama) -- ACE Market debutante Go Hub Capital Bhd plans to expand its geographical footprint in the domestic market following its listing today.
Executive director and chief executive officer Tan Cherng Thong said the company is currently involved in a key project in Sabah.
“Our primary focus includes the expansion of our geographical footprint, particularly in the domestic market, which involves installing a terminal operating system (TOS) at a bus terminal in Sabah which has been operational since November 2023.
“We are also planning to implement transportation information technology (IT) solutions at eight identified ferry terminals under Sabah's digitalisation initiative, with full implementation expected by March 2025,” he said in a virtual press conference today.
The company said in a statement earlier that the listing is expected to raise about RM37.51 million, with RM24.71 million for business expansion, RM4 million to repay bank borrowings, RM4.8 million for working capital and RM4 million for listing expenses.
Tan said RM10.10 million will be used to bolster the company’s workforce as part of its business expansion.
“Marketing efforts will be enhanced to include participation in international exhibitions such as the Rail Solutions Asia and InnoTrans, with RM1 million allocated for these activities,” he said.
He added that the acquisition of the Star Central Office Tower and a new integrated centre to be set up in the Klang Valley are part of the company’s strategic initiatives to grow its operations.
On prospects, Tan said the company is confident of IT solutions in Malaysia’s transportation sector due to the consistent growth in rail ridership and terminal passengers, which underscores the hike in demand for Go Hub Capital’s transportation system.
“Our strong performance is evidenced by a compound annual growth rate of 55.75 per cent in recurring income, which highlights our capability to meet innovative and effective IT solutions,” he said.
The counter saw a 45 sen premium, or 128.57 per cent, over its IPO price of 35 sen on its listing debut this morning.
At 5 pm, its share price rose by 60 sen to 95 sen, or 171.43 per cent from its IPO price, with 142.9 million shares traded.
-- BERNAMA
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