KUALA LUMPUR (March 9): Integrated water technology solutions provider Cosmos Technology International Bhd, which debuted on LEAP Market today, rose as much as eight sen or 28.57% in morning trade today.
At 10.38am, the counter traded at 36 sen, an eight sen premium over its initial public offering (IPO) price of 28 sen a share.
The counter saw some 2.04 million shares exchange hands.
At the opening bell, the counter opened three sen or 10.71% higher at 31 sen, with some 20,000 shares traded.
At the listing ceremony here, its managing director cum non-independent executive director Datuk Chong Toh Wee said: "Part of the proceeds from our IPO would be allocated to introducing new water digitalisation solutions, by establishing pilot projects featuring Siemens Malaysia energy saving solution at water and wastewater treatment plants.”
"Our ultimate direction is to impose this digitalisation (solutions) in Malaysia, and we hope that local authorities can accept this digitisation concepts,” he added.
Chong said countries like Singapore and Macau have integrated digital solutions into their water system for monitoring the water treatment process. Hence, he believes Malaysia will soon to follow the same path as well.
Upon its listing today, Cosmos raised RM5.4 million in proceeds, RM1.5 million of which will be used for business expansion expenses for energy saving solutions and data loggers distribution.
It will also set aside RM1.5 million to part finance the acquisition of new machineries, RM1.4 million for working capital and RM1 million for listing expenses.
Cosmos specialises in the distribution of fluid control products such as Siemens Malaysia’s electronic flowmeters and related products as well as LACROIX Sofrel’s dataloggers to its water customers in the Malaysian market.