SNS to raise RM90.7mil from IPO for business expansion

Left to right: SNS executive director Kelvin Pah, M&A Securities managing director of corporate finance Datuk Bill Tan, Ko and M&A Securities head of corporate finance Gary Ting

PETALING JAYA: Information and communications technology (ICT) system and solutions provider SNS Network Technology Bhd (SNS) expects to raise RM90.7mil from its listing exercise on the ACE Market of Bursa Malaysia for business expansion.

The company plans to use RM33.4mil (36.9%) raised from the initial public offering (IPO) for capital expenditure, of which RM30.9mil will be used to expand its device-as-a-service (DaaS) subscription-based service and RM2.5 mil to set-up 10 new retail stores in the Klang Valley, Johor, and Penang.