Tuesday , September 28 2021

Security Disruptions on Trading Debut, Bursa Images – Business News

KUALA LUMPUR: Digital Security Solution Provider Securemetric Bhd made a strong debut on the ACE market on Tuesday when share prices more than doubled in the weaker broader market.

At 10 o'clock, Securitymetric was up 28.5 late to 53.5 ago. 67.03 million shares were traded at prices from 45 to 54.5 since.

FBM KLCI fell 12.22 points or 0.72% to 1.683.92. Turnover was 536.91 million shares valued at RM296.27 million. There were 102 winners, 489 losers and 187 counters unchanged.

Compaany raises RM17mil from its original public offering (IPO). The revenue will primarily be used for the development of new digital security solutions.

Revenue from IPO will be used to develop new digital security solutions (RM5.7mil), working capital (RM5.16mil), business expansion (RM1.7mil), loan repayment (RM1.9mil), and defeat IPO expenses (RM2.5mil ).

Following the repayment of Securemetric's borrowing, the Group will have zero exchange.

According to the prospectus, the average revenue for the three fiscal years ended December 31, 2015 to 2017 (FY15 to FY17) – derived from Malaysia, Vietnam, Singapore, the Philippines and Indonesia – 18.1%, 31%, 4.7% 7.2 % and 11.4 of Securemetric's average total revenue.

This constitutes a compound annual growth rate of 86.4% over the three fiscal years.

The net profit for FY17 was RM6.08 million, on the back of a turnover of RM44.77 million.

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