The Star Malaysia - StarBiz
ITMAX to offer systems for residential townships
KUALA LUMPUR: ITMAX System Bhd plans to expand its business into new target segments by providing networked systems for residential township and commercial development projects.
The group, en route to a Main Market listing on Dec 13, 2022, is mainly involved in the business of supply, installation and provision of public space networked systems.
“We plan to continue to widen our fibre optic communications network as well as set up a data lake facility in the Klang Valley,” said CEO Tan Wei Lun during ITMAX’S initial public offering (IPO) prospectus launch yesterday.
“In addition to our smart-trafficlights management system, we have added smart-street-lighting and smart-video-surveillance systems to our portfolio to form the backbone for our clients’ smart-city infrastructure deployments,” he added.
Maybank Investment Bank Bhd CEO Datuk Fad’l Mohamed said ITMAX’S IPO is the only public offering in Asean by an integrated systems and solutions provider for smart cities.
ITMAX focuses on the supply and installation of networked lighting systems and networked traffic management systems, as well as provision of network facilities comprising video surveillance and communications network services, and investment holding.
Based on the enlarged issued share capital of 1.03 billion shares and offer price of RM1.07 per share, ITMAX will have a market capitalisation of Rm1.1bil upon listing. The group aims to pay an annual dividend of at least 20% of its net profit.
Its listing exercise aims to raise Rm203.89mil through a public issue of 190.55 million new shares. The exercise will include an offer for sale of 129.45 million shares.
ITMAX has earmarked 41.7% of the proceeds raised from the public issue for the expansion of its smartcity application.
Another 6.1% and 9.8% will be for the expansion of its research and development capabilities and expansion into enterprise market, respectively.
Some 19% will be for the network and telecommunication infrastructure expansion, 14.3% for working capital and 3.9% for the repayment of borrowings.
Applications for the public issue portion of the IPO will close on Dec 1, 2022 at 5pm.