Infoline Tec debuts at 33 sen/share on ACE Market

Left to right: Independent non-executive director of Infoline Tec Group Bhd Tan Mui Ping, independent non-executive chairman Nor Azzam Abdul Jalil, chief operating officer Loo Wai Hong, CEO Choo Wei Chuen, chief marketing officer Too Yit Meng, independent non-executive director Alwizah Al-Yafii Kamal

KUALA LUMPUR: IT infrastructure and cybersecurity solution provider Infoline Tec Group Bhd made its debut on the ACE Market of Bursa Malaysia at 33 sen a share, a one sen or 3.13% premium over its initial public offering price (IPO).

At the opening bell, the stock saw 16.08 million shares exchanging hands, making it the top traded counter on the Malaysian market.

Infoline Tec CEO Choo Wei Chuen said the group is set on strengthening its market presence in its key operating markets of Malaysia and China as well as other countries in the Asia Pacific.

"“As the world moves towards the digital era, adoption of new technologies such as artificial intelligence (AI), big data, cloud computing, internet of things (IoT), mobile and social computing would gain further traction.

"Governments and businesses alike are cognisant that IT infrastructure and cybersecurity solutions are complementary and critical in supporting high speed connectivity as well as in protecting data and networks from cybersecurity attacks,” he said in a statement.

Infoline Tec raised a total of RM23.68mil from its IPO, of which RM17.46mil will be utilised to enhance the group’s existing network operation centre and to set up a security operations centre, technology centre, and disaster recovery centre.

It said the upgrade of its facilities and capabilities will enable it to increase its customer base and offer an expanded range of services.

Another RM2.22mil will go towards business expansion activities to enhance the group’s geographical presence in Malaysia and in China.

Meanwhile, the remaining RM4mil of IPO proceeds will be utilised for listing expenses.

In recently announced results for the quarter ended March 31, 2022, Infoline Tec recorded revenue of RM8.86mil and profit after tax of RM1.32mil.

The group's board of directors had previously said it targets to distribute dividends of up to 30% of its annual audited profit after tax attributable to shareholders.

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