Go Hub Capital Berhad’s IPO has been oversubscribed by 78.71 times, indicating strong market confidence ahead of its ACE Market debut. Meanwhile, Systech Berhad is partnering with EH Integrated Systems to establish AI data centres in Malaysia, enhancing digital transformation efforts with Generative AI solutions. Read more below.
Go Hub IPO Oversubscribed
Kuala Lumpur, June 24: Go Hub Capital Berhad (“Go Hub”), a leading transportation IT solutions provider in Malaysia, has announced that its initial public offering (IPO) has been oversubscribed by 78.71 times.
The company is set to debut on the ACE Market of Bursa Malaysia Securities Berhad on 3 July 2024.
The IPO comprises a public issue of 107,180,000 new ordinary shares allocated as follows:
- 75,180,000 shares through private placement to institutional and selected investors.
- 20,000,000 shares available to the Malaysian public via a balloting process.
- 12,000,000 shares reserved for eligible directors, employees, and contributors to the company’s success under Pink Form Allocations.
Go Hub received 20,452 applications for 1,594,106,300 IPO shares worth RM557.94 million from the Malaysian public, resulting in an oversubscription rate of 78.71 times.
The Bumiputera portion saw an oversubscription rate of 64.65 times with 10,835 applications for 656,494,900 shares.
The public portion recorded an oversubscription rate of 92.76 times with 9,617 applications for 937,611,400 shares.
All 12,000,000 shares available to eligible persons were fully subscribed.
Additionally, the private placement portion of 75.18 million shares has been fully covered.
“The exceptional response to our IPO underscores the market’s confidence in Go Hub’s business and future prospects. This overwhelming investor enthusiasm in the IPO and our Company is a strong testament to our strategic vision. It serves as both validation of our beliefs and a powerful impetus, fortifying our commitment to delivering innovative and pioneering IT solutions for public transportation,” said Tan Cherng Thong, Executive Director and CEO of Go Hub.
“The enthusiastic response to Go Hub’s IPO highlights investors’ keen interest in businesses with strong fundamentals and strong growth strategies. The company is well positioned to capitalise on the increasing demand and investment in the public transportation sector in Malaysia and potentially this region,” stated David Lim, Chief Executive Officer of UOB Kay Hian Securities (M) Sdn. Bhd.
UOB Kay Hian Securities (M) Sdn. Bhd., serving as the Principal Adviser, Sponsor, Underwriter, and Placement Agent for the IPO, confirmed that the 75,180,000 shares allocated through private placement have been fully placed out.
Systech and EISSB Collaborate
Kuala Lumpur, June 24: Systech Berhad (“Systech”), a prominent digital corporate solutions provider, has announced a strategic collaboration with EH Integrated Systems Sdn. Bhd. (“EISSB”) to operate AI data centres and provide Generative AI digital solutions in Malaysia.
This partnership aims to bolster Malaysia’s digital transformation efforts by establishing advanced AI data centres.
EISSB, a specialist in industrial-grade servers and storage solutions, will work with Systech to integrate cutting-edge technologies to support high-performing AI data centre operations.
This agreement is a significant step towards meeting the growing demand for powerful computing resources necessary for large-scale processing tasks, such as Generative AI digital solutions.
Under the agreement, Systech will focus on operating the AI data centre, hosting, and deploying applications via the centre’s computing power.
This includes designing, coding, testing, and maintaining software to ensure compatibility with EISSB’s infrastructure for optimal performance.
EISSB will handle the design, implementation, and monitoring of the data centre infrastructure, including storage systems, networking, and cooling systems.
Together, Systech and EISSB aim to jointly operate the data centre and provide generative AI computing solutions to customers.
“This partnership represents a pivotal move in our strategic growth plan. By leveraging our expertise in Internet of Things (IoT), Digital Transformation and Automation, and Cybersecurity, and with the support of EISSB’s high-performance AI data centre infrastructure, we are poised to deliver superior Artificial Intelligence (AI) data centre and AI digital solutions that will enhance our service offerings and drive our expansion into new markets. We look forward to a successful collaboration that will unlock the potential of both companies,” said Datuk Derrick Hooi, Executive Director of Systech Berhad.
“We are thrilled to join forces with Systech in this venture. Our expertise in high-performance computing and custom software development, combined with Systech’s capabilities in system integration and cybersecurity, will not only meet the increasing demands for data processing and storage but also drive the advancement of Malaysia’s digital ecosystem,” added Sim Chin Yee, Managing Director of EH Integrated Systems.
As of 5:00 P.M., 24 June 2024, the share price of Systech Berhad closed at RM0.44, representing a market capitalisation of RM283.6 million.
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