From left: M&A Securities head of corporate finance Gary Ting, SNS Network independent director Datuk F’ng Meow Cheng, SNS Network chairman Datuk Zulkapli Ahmad, SNS Network promoter Eng Su Fern, SNS Network MD Ko Yun Hung, SNS Network executive director Kelvin Pah, SNS Network promoter Vinice Tham, SNS Network executive director Siow Wei Ming, SNS Network independent directors Tan Ee Ming and Maylee Gan Suat Lee, and M&A Securities MD of corporate finance Datuk Bill Tan.
KUALA LUMPUR: SNS Network Technology Bhd
is optimistic about its growth prospects on expectations of a rebound in information, communication and technology (ICT) sales this year in tandem with the economic recovery, managing director Ko Yun Hung said.
He said businesses and organisations were highly strict with their spending during the Movement Control Order due to uncertainty but ICT adoptions have grown tremendously as a result of the economy’s reopening and SNS anticipated the realisation of two years’ worth of delayed sales this year.
"Commercial segment contributed 70 per cent to our revenue for the past four years, so we believe we will be able to enjoy the benefits as people and businesses start spending again as they need to improve their existing ICT infrastructure, which created a strong demand for its device-as-a-service (DaaS) subscription-based service,” he told reporters at the company’s listing on the ACE Market of Bursa Malaysia today.
SNS Network Technology debuted on the ACE Market with an unchanged opening price from its issue price of 25 sen, raising RM90.72 million from the initial public offering of which, 34.1 per cent or RM30.9 million will be allocated to expand its DaaS subscription-based service.
It has also earmarked RM33.4 million of the proceeds for capital expenditure while RM2.5 million will be used to open 10 new retail stores in Klang Valley, Johor and Penang.
"Our focus, for the time being, is on the short term to medium term and the 10 new retail stores are expected to materialise within the next three years.
"Currently, our market share stood at about 1.47 per cent and we hope to grow the number,” he said.
On its in-house brand, JOI, Ko said that the brand would continue developing products for the affordable market segment as there is always good demand for affordable products, especially for entry-level devices.
"We would continue to align ourselves with this strategy and come out with more products, for example, smart board which replace the conventional projector or whiteboard that normally used in the classroom,” he added.
He said JOI is currently contributing two per cent to the company’s revenue.
Up to June 30, SNS recorded 82 DaaS subscriptions worth RM255.86 million and received 75 enquiries from governmental bodies and public-listed companies.
The company launched JOI in 2014 by introducing the JOI 8 tablet to meet the demand for affordable ICT products while ensuring good product quality and specifications.
At 11.30 am, the counter is the most active counter, easing one sen at 24 sen with 183.26 million shares traded. - Bernama
