By Violet Ooi
Kronologi Asia Bhd, a Singapore-based specialist in enterprise data management (EDM), launched its prospectus today in Kuala Lumpur.
It is set to list on the ACE Market of Bursa Malaysia Securities Bhd on Dec 15, 2014 with a public issue of 59.247 million new ordinary shares at RM0.29 per share. The listing will see Kronologi raise some RM17.2 million in proceeds.
According to Kronologi’s group CEO Piti Pramotedham, the proceeds will be used for business expansion in existing and developing market, research and development expenditure, working capital purposes, and listing expenses.
Kronologi’s core business is providing EDM solutions and services to help businesses manage risk arising from data loss. It also provides mission-critical management which includes backup, storage, recovery and restoration of data for business assurance and operational continuity.
Its current clients in the region include Starhub in Singapore, Public Bank in Malaysia, PTT in Thailand, PLDT in the Philippines, and companies within Pertamina group in Indonesia.
Pramotedham said that Kronologi’s decision to list in Malaysia is based on Malaysia’s MSC-Malaysia status which will enable the company to flow their technical talents and to carry out research and development (R&D) activities.
“Combining all these factors with the conducive capital market of Malaysia, we are confident that this decision will help propel Kronologi fast-forward towards our goals,” he said.
Bank Islam Malaysia Bhd is the principal adviser, sponsor, underwriter and placement agent for the IPO. Kronologi is the fourth IPO and the first ACE Market listing advised by Bank Islam.
Also present at the launch was Bank Islam’s managing director Zukri Samat, who said that Kronologi is poised for greater growth with a strong management team.
When asked if this is the new growth area for Bank Islam, Zukri said that Bank Islam has its own corporate finance department and Kronologi is the fourth IPO listing advised by Bank Islam.
“The IPO market is quite small actually. For example, this year I was told that only 13 companies have been listed on the KLSE, and with so many players as well as the Big Four like Maybank and CIMB, for a small bank like us, when we manage to list a company we are actually quite proud of what we are doing,” said Zukri.
Kronologi recorded a profit after tax (PAT) of RM5.56 million on the back of RM42.17 million revenue for the financial year 2013.
Application for Kronologi’s IPO is now open and and will be closed on Dec 4, 2014.
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