KUALA LUMPUR (June 29): Sedania Innovator Bhd, which offers mobile telecommunication airtime share (ATS) transfer services, is expanding its customer base.
Speaking at Sedania's listing ceremony here today, managing director Datuk Azrin Mohd Noor said the company was in the midst of negotiations with other telecommunication companies. He did not elaborate.
"Due to the non-disclosure agreement I have signed, I cannot say anything until my signature is on the dotted line," Azrin said.
Sedania's prospectus indicates that the company's existing business partners comprise Axiata Group Bhd and Maxis Bhd.
At the press conference, Azrin said he was buoyant on Sedania's prospects in anticipation of more business in collaboration with existing business partners.
He said Sedania's ATS platform could process 223 transactions per second.
"We have grown our transaction volume from a daily average of 268,000 in 2011 to 324,000 in 2014. Our marketing efforts with our mobile network operator partners are poised to propel us onto a higher level of transaction volume, which would drive our financial performance going forward,” he said.
Today, Sedania shares rose as much as 11.5 sen or 30% to 49.5 sen before paring gains. This compares to the company's initial public offering (IPO) share price of 38 sen.
At 10.46am, the counter was traded at 43 sen for a market capitalisation of RM86 million based on its issued base of 200 million shares.
The fourth most-active stock on Bursa Malaysia saw some 25 million shares done.
Sedania's IPO involved the sale of 51.47 million new shares at 38 sen each for its listing on Bursa Malaysia's ACE Market.