From left: Go Hub Capital Bhd chief business development officer Eng Chee Seng, independent non-executive director Alwizah Al-Yafii Ahmad Kamal, independent non-executive chairman Zulkifly Zakaria, chief technology officer Hong Boon Huon, executive director/CEO Tan Cherng Thong, executive director/finance director Lee Li Yee, independent non-executive director Poh Zuan Yin and independent non-executive director Lee Yew Weng.
KUALA LUMPUR: Go Hub Capital Bhd is confident about the prospects for information technology (IT) solutions in the transportation sector and it will be tendering for a number of projects.
Executive director and chief executive officer Tan Cherng Thong said the consistent growth in rail ridership and terminal passengers from recent data have underscored the demand for an efficient transportation system.
The company will be tendering for projects from Prasarana Malaysia Bhd and Sarawak Metro Sdn Bhd.
“Go Hub’s strong performance evidenced by a compound annual growth rate of 55.75% for recurring income highlights our capability to meet this demand with innovative and effective IT solutions,” he said during the company’s listing on the ACE Market of Bursa Malaysia yesterday.
The group specialises in IT services and has been gearing up to expand its technological footprint.
According to Tan, the company’s strategic focus on both recurring and non-recurring revenue segments has positioned them well to capitalise on the growing trend in the transportation sector.
“Moreover, our substantial experience and proven track record in providing diverse and adaptable IT solutions further strengthened our confidence in leveraging on upcoming opportunities,” Tan pointed out.
The listing of the company saw a 140% surge in its share price from 35 sen to 80 sen.
Tan said it was a reflection of the confidence the market and its shareholders.
The company raised RM37.51mil from its initial public offering (IPO).
“This positive response is a testament to our strong track record and the robustness of our business model,” he said.
Go Hub expects to have a market capitalisation of RM140mil upon listing.
During the morning session, its share price jumped to 84 sen, making it a top gainer on the local stock exchange.
Tan said the company planned to use the proceeds from the listing to expand its geographical footprint particularly in the domestic market.
“This involves a key project for a bus terminal in Sabah which has been operational since November last year.
“We are also planning to implement our transportation IT solutions at eight identified ferry terminals under Sabah’s digitisation initiative with full implementation expected by March 2025,” he said.
Tan added Go Hub planned to bolster its workforce to support business expansion with a significant allocation of RM10.1mil from the IPO proceeds.
“Our marketing efforts will also be enhanced, including participation in international exhibitions like the Rail Solutions Asia and InnoTrans.
“The acquisition of the Star Central Office Tower and the setup of an integrated experience centre in Klang Valley are part of our strategic initiative to provide a robust foundation for our growing operations,” he added.
