Red Ideas, which developed the private community platform Graaab JaGaApp, targets to grow the community base and is looking to increase the variety and quality of services and products offered by third party service providers through its “MyServices” feature.
Red Ideas chairman Datuk Gooi Hoe Soon said for starters the group intends to expand its marketing force to reach out to as many communities as possible.
“Our ability to provide innovative products, coupled with our consistent level of reliable after-sales services has been instrumental in attracting new customers,” he added at the listing ceremony.
Gooi said there is vast potential for growth for Red Ideas’ Graaab JaGaApp product deployment as the niche industry that Red Ideas is operating in is still in its infancy stage.
He said Red Ideas intend to capitalise on its first mover advantage and to capture as much market share as possible, while continue innovating its product offerings.
“Our board is optimistic on the long-term outlook for our industry in Malaysia, for mobile application-based community solutions platform as there is a real need for security, communication and convenience in the context of community living.”
“One of our plans is to penetrate new markets be it locally or overseas. Domestically, we are already establishing our foothold in Klang Valley, Seremban, Penang, Melaka and Johor.
Currently, Red Ideas has more than 110 communities under its Graaab JaGaApp portfolio it hopes to continue to grow to 500 within the next two years.'' he added.
Under the listing exercise, Red Ideas raised RM7mil via a private placement of 20 million shares at an issue price of 35 sen per share to selected investors.
Of the total placement proceeds, RM4.15mil (59.3%) will be used mainly for general working capital to finance the company’s day-to-day operations including working capital requirements.
M&A Securities Sdn Bhd is the approved adviser, placement agent and continuing adviser for the listing exercise.
Among those present at the listing were Red Ideas directors Alex Lim, Michael Loke and the co-founders and executive directors Ignatius Ho and David Foo.
Also present were M&A Securities Sdn Bhd executive director and head of operations Goh Hock Jin and managing director of corporate finance Datuk Bill Tan; Malaysia Digital Economy Corporation Sdn Bhd (MDEC) vice president Norhizam Abdul Kadir.