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BUSINESS

Cosmos debuts strongly on ACE Market at 50 sen, foresees strong demand for products

06/10/2022 01:17 PM

KUALA LUMPUR, Oct 6 (Bernama) -- Cosmos Technology International Bhd made a strong debut on Bursa Malaysia’s ACE Market at 50 sen today, a premium of 15 sen over its initial public offering (IPO) price of 35 sen.

At the opening bell, the counter saw 7.98 million shares changing hands.

Previously, the integrated water technology solutions provider for water and wastewater and oil and gas industries was listed on the LEAP Market between March 9, 2020 and Nov 10, 2021 before undertaking a voluntary delisting to facilitate its transfer to the ACE Market. 

Managing director Datuk Chong Toh Wee said the company foresees strong demand from new and existing customers for its fabricated metal products, which are used in the oil and gas sector as crude oil prices remain attractive. 

“The outlook remains highly optimistic for our business over the next few years.

“This is also due to robust demand for electronic flowmeters from the water and wastewater industry in Malaysia with further digitalisation and automation in monitoring waterways in our country,” he told the media after the listing ceremony here today. 

Of the total RM22.44 million proceeds from its listing exercise, the company will allocate RM10 million for the acquisition of a semi-detached factory comprising office and warehouse facilities in Balakong, Selangor, and RM3.5 million for the purchase of new machinery.

Chong said the funds raised would allow the company to accelerate its efforts in streamlining and consolidating its operations, automating production processes and boosting efficiency and productivity level. 

“With the new factory building, we will combine our operations because we have two separate factories in Semenyih and Balakong and we want to streamline our internal administration with the finance process to increase efficiency while reducing labour time and cost.

“We will also purchase new machinery for our factory including a laser cutting machine and tube piping cutting machine along with press brake machine and robotic welding machine to increase our efficiency and production capacity,” said Chong. 

-- BERNAMA


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