PETALING JAYA: Shinyou Holdings Bhd is targeting a listing on the ACE Market of Bursa Malaysia.
The company is principally involved in the marketing, distribution, installation, commissioning, maintenance and repair of building transportation systems comprising elevator, escalator, travelator and mechanical parking systems.
In its draft prospectus exposure, the company said its initial public offering (IPO) will entail the public issue of 150 million new ordinary shares.
Berjaya Securities Sdn Bhd is the sponsor for the company’s IPO.
The company said the proceeds from the IPO will primarily be used for business expansion and working capital for new projects.
“Our group intends to upgrade our digital infrastructure to better leverage digital technologies to enhance our elevator, escalator and travelator maintenance business and improve operational efficiency.
“We intend to establish a data lake to consolidate relevant information on our installation and maintenance operations into a centralised data repository, adopt artificial intelligence (AI)-supported applications to improve our lift maintenance and internal operations, including an AI-supported maintenance scheduling system and set up a cloud-based disaster recovery system to enable data to be backed up in real time and recovered from the cloud over the next two years.”
Additionally, Shinyou said its business and financial performance depends on its ability to continuously secure new projects from existing and new customers.
“Our projects are also subject to competitive tendering. We compete with local and international players, some of whom may have greater financial resources, stronger track records or more competitive pricing.”
