(From left) EVD Bhd directors Chui Mee Chuen and Hon Hin See, chairman Datuk Dr Syed Muhamad Syed Abdul Kadir, together with operations executive directors Gan Wee Peng and Mah Seong Huak at the listing ceremony of EVD Bhd on the ACE Market of Bursa Malaysia.
KUALA LUMPUR: EVD Bhd
made its debut on Bursa Malaysia’s ACE Market yesterday by assuming the listing status of iDimension Consolidated Bhd (ICB), opening at 26 sen per share.
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, Bernama reported.
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 South-East Asian countries that have the same transportation system and infrastructure plans,” he told the media after the listing ceremony.
Gan said currently, the group’s local projects accounted for 70% 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 RM26.64mil.
The proceeds 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 RM99.3mil with a total of 382 million shares.
On prospects, Gan said the group expects its earnings to remain positive in the long term. This is because the transportation system solutions industry in Malaysia is expected to grow at an estimated compound annual growth rate of 9.9%, from RM1.71bil in 2022 to RM2.15bil 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.
“This is 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.
“This includes three new highways and the MRT 3, and we will participate in these upcoming projects,” he added.
The shares closed at 22 sen, up one sen on its maiden trading day.
The stock hit a high of 27.5 sen and low of 22 sen in intra-day trading.
