KUALA LUMPUR, Oct 8 -- Property management solutions (PMS) provider IDB Technologies Bhd is entering Singapore, Vietnam and Myanmar, while expanding the Malaysia and Cambodia markets to strengthen its ASEAN footprint.
The four-year-old company, newly listed on Bursa Malaysia’s Leading Entrepreneur Accelerator Platform (LEAP), has exponentially increased property management solution installations from 15 hotels to 125 as at Aug 26, 2019.
It has secured three installations in hotels in Phnom Penh since entering Cambodia in April this year, according to chief executive officer Cheah Kah Beng at a press conference after the company's listing here today.
IDB made its debut on the LEAP Market at 8.5 sen from its initial public offering (IPO) price of 7.0 sen, with 50,000 shares traded at the opening bell.
Cheah said IDB has started organising events, sales and marketing promotions in the new countries it aims to penetrate to raise awareness on its PMS products.
He said the respective governments' incentives to boost tourism and increasing the number of hotels and accommodations are set to boost demand for PMS.
Citing independent market research, Cheah said the number of hotels in Singapore is expected to grow further after rising to 422 hotels in 2017 from 373 in 2013.
In Myanmar, the number of hotels expanded 15 per cent to 1,590 in the same period, while Cambodia recorded an annual growth of eight per cent in international tourists from 4.2 million to 6.2 million people.
He said the listing on the LEAP Market would enhance IDB’s profile and enable the company to compete with foreign providers.
The company has raised RM3.5 million in proceeds from pre-IPO investors, with RM1 million each allocated for expansion and working capital.
Another RM700,000 will be utilised for research and development and RM800,000 for the listing exercise.
At present, IDB's market share in Malaysia stands at one per cent.
It provides PMS solutions for hotels and accommodations ranging from budget to five-star.