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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: Information and communications technology (ICT) system and solutions provider SNS Network Technology Bhd (SNS) expects to raise RM90.7mil from its listing exercise on the ACE Market of Bursa Malaysia for business expansion.

The company plans to use RM33.4mil (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 RM2.5 mil to set-up 10 new retail stores in the Klang Valley, Johor, and Penang.

SNS managing director Ko Yun Hung said the company saw potential in the DaaS market in Malaysia as more and more businesses introduced remote or hybrid working.

“From 2020 to June 30, 2022, SNS has secured 82 DaaS subscriptions with subscription value totalling RM255.86mil and has received 75 enquiries from governmental bodies and public listed companies.

“From the above mentioned enquiries, we have secured contracts with 26 governmental bodies amounting to RM247.49mil and three public listed companies amounting to RM0.55mil.

“Based on the enquiries from potential customers, SNS will purchase ICT products such as desktops, laptops, interactive *** artboards, workstation, digital signages, printers and servers to support the expansion of the service,” he told reporters at the SNS Network Virtual Prospectus Launching Ceremony today.

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A further RM18mil (19.8%) of the proceeds will be used to part finance the construction of the Company’s new Regional Hub in Petaling Jaya to support its nationwide expansion.

"The Regional Hub, which is expected to be operational by 2026 will include experience centres for SNS to showcase new and innovative ICT solutions on the Internet of Things such as *** art homes, *** art retail, *** art education, *** art signages and *** art shelving.

“It will also have storage facilities, live video areas, training centres, workshops and office facilities,” Ko added.

The remaining proceeds will be used for the repayment of bank borrowings amounting to RM20mil (22%), RM13.1mil (14.5%) for general working capital, RM1.5mil (1.7%) to fund the marketing activities for JOI® while the remaining RM4.7mil (5.1%) to defray the estimated listing expenses.

Under the listing exercise, SNS is issuing 362.9 million new shares in SNS, representing 22.5% of the enlarged share capital at an issue price of 25 sen per share.

Of the 362.9 million new shares, 80.6 million new shares will be made available to the Malaysian public via balloting; 48.4 million new shares for its eligible directors, employees and persons who have contributed to the success of SNS Group under the Pink Form Allocations and 201.6 million new shares are reserved for private placement.

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