KUALA LUMPUR, Feb 18 (Bernama) -- ACE Market debutant TechStore Bhd is setting its sights on further growth within Malaysia before considering international expansion.
Managing director Tan Hock Lim said the enterprise information technology (IT) services provider would prioritise strengthening its position in the local market to ensure it delivers strong results in Malaysia before expanding overseas.
“At this point, we will focus on our home front to ensure we perform well, as expanding to other countries requires proving our ability to deliver quality work and gain recognition.
”One of the expansion plans is to establish a branch in Johor Bahru,” he said during a press conference after the listing today.
Tan said TechStore’s immediate focus is to execute its existing projects and expand its capabilities, particularly in IT security and automation solutions.
”After the initial public offering (IPO), our focus will be growth and securing bookings. We currently have RM648 million in tender bookings,” he said.
He further said that moving to the Main Market is one of the company’s long-term objectives.
”A transfer to the Main Market signifies growth. This will be one of our objectives as well, and when the time is right, we will pursue it,” he said.
TechStore made its debut at 25.5 sen per share, notching a premium of 5.5 sen, or 27.5 per cent, from its IPO price of 20 sen, with 27.4 million shares traded.
In a separate statement, the company said that out of the RM25 million raised from its IPO exercise, it had allocated RM11.5 million (45.9 per cent) for working capital, RM2.3 million (9.2 per cent) for capital expenditure on equipment, computers, hardware, and IT software, and a new branch office in Johor Bahru.
“The remaining proceeds are earmarked for repaying bank borrowings and defraying estimated listing expenses,” it added.
At 5 pm, the counter closed at 22 sen, up two sen from its IPO price, with 262.83 million shares traded.
-- BERNAMA
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