RDS Advises SNS Network Technology Berhad On Its ACE Market Listing On Bursa Securities
Our firm’s Capital Markets and M&A Team is proud to have acted as the legal advisers and due diligence solicitors for SNS Network Technology Berhad in respect of its successful listing on the ACE Market of Bursa Securities today. The partner-in-charge for this IPO was Ong Eu Jin and the key lawyers were Lily Lee Zai Lii and Diane Ngu.
Our congratulations to SNS Network Technology Berhad (SNS) on its successful listing on the ACE Market of Bursa Malaysia Securities Berhad (Bursa Securities) on 2 September 2022. SNS is principally involved in the sale of information and communications technology (ICT) products that comprise of hardware, devices and related peripherals as well as the provision of ICT services and solutions.
The entry of SNS to the ACE Market of Bursa Securities entails an enlarged share capital totaling 1.61 billion shares at an initial public offering (IPO) price of 25 sen per share, giving SNS a market capitalisation of RM403.19 million at its opening on the morning of its listing.
SNS raised a total of RM90.7 million through its IPO to expand its device-as-a-service (DaaS) subscription-based service, to set-up new retail stores in the Klang Valley, Johor and Penang as well as to construct its new regional hub in Selangor comprising storage facility, experience centre for customers, live video areas, training centres, workshops and office facilities. In addition, funds raised will be used for marketing activities of its house brand of ICT products, JOI® throughout Malaysia, as well as to fund its working capital requirements and to repay bank borrowings.
We are proud to have played a part in the listing exercise as SNS’ IPO solicitors. Our Capital Markets Head & Partner, Ong Eu Jin, Senior Associate Lee Zai-Lii (Lily) and Associate Diane Ngu were the key lawyers.
The RDS Capital Markets team is active in the IPO space. If you have aspirations to list your company, please contact our partner, Ong Eu Jin at eujin@rdslawpartners.com for further discussion.
More information on SNS and its IPO can be found at:
Business Today
https://www.businesstoday.com.my/2022/09/02/sns-network-debuts-ace-market-opens-at-0-25-sen/
The Edge Markets
https://www.theedgemarkets.com/article/sns-network-opens-flat-25-sen-ace-market-debut
The Star
2 September 2022