Infoline Tec makes successful debut on ACE Market
IT infrastructure and cybersecurity solution provider, Infoline Tec Group Berhad (Infoline Tec) made its debut on the ACE Market of Bursa Malaysia Securities Berhad on 13 July 2022.
Infoline Tec opened at RM0.33 with an opening volume of 16,076,500 shares. Infoline Tec raised a total of RM23.68 million under its initial public offering (IPO), of which RM17.46 million or 73.74% will be utilised to enhance the Group’s existing Network Operation Centre and to set up a Security Operations Centre, technology centre, and disaster recovery centre. The upgrade of Infoline Tec’s facilities and capabilities will enable it to increase its customer base and offer an expanded range of services.
Another RM2.22 million or 9.37% shall go towards business expansion activities to enhance the Group’s geographical presence in Malaysia and in the People’s Republic of China (PRC). Meanwhile, the remaining RM4.00 million of IPO proceeds or 16.89% will be utilised for listing expenses. Infoline Tec has recently announced its first quarterly results for the financial period that ended 31 March 2022, registering revenue of RM8.86 million and a profit after tax of RM1.32 million. In terms of Infoline Tec’s dividend policy, the Board of Directors of the Company targets to distribute dividends of up to 30.0% of the Company’s annual audited profit after tax attributable to the shareholders of the Company. MIDF Amanah Investment Bank Berhad is the Principal Adviser, Sponsor, Underwriter and Placement Agent for the IPO exercise.
Congratulations to the Corporate Finance team lead by Ms. Wan Hung See on this achievement!
