SNS to raise RM91mil from IPO for 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: SNS Network Technology Bhd (SNS) expects to raise RM90.7mil through its listing exercise on the ACE Market of Bursa Malaysia for business expansion.

The information and communications technology (ICT) system and solutions provider plans to use RM33.4mil, or 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 RM2.5mil to set-up 10 new retail stores in the Klang Valley, Johor and Penang.